Housing Market Trends - The national median price for existing single-family homes reached a record high of nearly $430,000, up 1.7% year-over-year [1] - While homeowners are generally happy, the housing market is experiencing a slowdown in home prices and sluggish sales activity [3][6] - Mortgage rates remain elevated, impacting affordability and hindering people's ability to enter the market [3][5] - Some markets, particularly in the Midwest (e.g., Cleveland, Toledo, Rochester, New York), are seeing rising prices, while southern states like Texas and Florida are experiencing price declines [7] Affordability Challenges - The median age of a first-time home buyer has risen to 38 years old, indicating increasing affordability challenges [4] - Dramatic increases in mortgage rates, settling around 6.5%, are a primary factor hindering affordability [5] - Income growth (approximately 4%) is outpacing home price growth (less than 2%), which may improve affordability in the future [5] - Increased housing supply is needed to ensure manageable home price growth and prevent dramatic run-ups [5][6] Regional Opportunities - Declining prices in states like Texas and Florida, which have strong job growth, present a second chance opportunity for potential buyers [7] - Affordable markets in the Midwest are experiencing price increases [7]

former Treasury official and Morning Joe economic analyst Steve Ratner. Steve, there has indeed been plenty of speculation about how Trump's tariffs will impact the country. So tell us, how does the economy look almost 5 months into Trump's second term.Yeah, it's interesting, Jonathan. I think uh all of us predicted that inflation would start to go up as a result of those tariffs, but yesterday there was a report that in fact it has really not yet gone up, or at least not yet gone up. So the commerce depart ...