Drop in metro home sales could be a sign the economy is slowing down
The economy may be slowing down, according to reports on retail and home sales.Americans unexpectedly cut their spending last month. The U.S. Commerce Department says retail sales dropped by 3% last month. Sales at furniture and home furnishings stores fell almost 1%. At the same time, spending at grocery stores rose more than 1%.Economists say this shows surging inflation on necessities like gas and food is causing Americans to be more cautious about buying discretionary items.Meanwhile, metro area realtors say home sales dropped nearly 3% last month. This comes at the same time that metro home prices rose by almost 12% last month.According to the Des Moines Area Association of Realtors, the median sale price was $275,000 in May. The number of homes on the market also rose last month. Watch: Andrew Mollenbeck takes a look at navigating home buying in the metroMore news:
The economy may be slowing down, according to reports on retail and home sales.
Americans unexpectedly cut their spending last month. The U.S. Commerce Department says retail sales dropped by 3% last month.
Sales at furniture and home furnishings stores fell almost 1%. At the same time, spending at grocery stores rose more than 1%.
Economists say this shows surging inflation on necessities like gas and food is causing Americans to be more cautious about buying discretionary items.
Meanwhile, metro area realtors say home sales dropped nearly 3% last month. This comes at the same time that metro home prices rose by almost 12% last month.
According to the Des Moines Area Association of Realtors, the median sale price was $275,000 in May.
The number of homes on the market also rose last month.
Watch: Andrew Mollenbeck takes a look at navigating home buying in the metro
More news:
