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| Modest Increase in Aggregate Home Prices |
Zillow reports that median home prices rose 7.6% year-over-year in December 2018, to $223,900, just above the 7.4% recorded in December 2017. Rents increased at an annual pace of 1.4%, the largest increase since June 2018. When looking more closely at local conditions in the country's biggest markets revealed a sometimes-notable slowdown in a majority of them. In addition, housing inventories fell 0.4% since December 2017.
U.S. stocks are on the rise today as the week comes to an end. Strong corporate earnings and optimism that the government shutdown will soon come to an end are boosting equities. The Dow Jones Industrial Average was up 300 points at the time of this writing and is up nearly 14% since the lows seen at the close on Christmas Eve, 2018. Next week the markets will have to cope with two key labor market reports and the two-day Fed meeting.
Gas prices rose this week though they remain below levels seen a year ago. Demand for gasoline has risen in the last few weeks, prompting slightly higher prices. The national average for a regular gallon of gasoline at the pump is at $2.27, up a few cents on the week but below last month's prices. The highest price ever recorded was $4.11 back on July 17, 2008.
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