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 Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen. Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak. Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane.
The U.S. Department of Commerce reported that GDP grew at a 4.0 percent
annual rate in the second quarter and that the first quarter was less bad than
previously thought. Consumer spending in the first quarter rose 2.5 percent, which
is encouragingly in tandem with savings rates. Increased consumer spending
means more demand for goods and labor; increased savings rates means more
resources for down payments.
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RPAC Impacts Your Business on a Local Level
How is RPAC Working for You?
With the help of RPAC, NJAR® takes an active role on issues affecting real estate at the state level. Through its presence in Trenton, NJAR® advocates on issues to ensure that state policies protect the interests of property owners.
RPAC has helped us pass good laws and defeat bad ones by staying engaged in the Legislature's political agendas, building relationships with key politicians on a local, state and federal level, and working with state agencies to make sure that proposed rules take into consideration the views of homeowners, property owners and REALTORS®!
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