Inflation in U.S. 3.2% For July
Posted on 08/10/2023
Inflation in July hit 3.2%, still above the Fed’s historical target of 2% and slightly accelerating month over month. Inflation had been dropping for a year, but now is ticking up 0.2% from June. Housing prices so far remain sticky, accounting for some of the costs. Despite higher rates and layoffs among middle management at various corporations, sellers are clinging to solid gains. Housing is, however, showing signs of easing in some markets.
Renters are not buying generally due to the higher costs. Property taxes have also risen. Further, experts say many baby boomers who want to sell a home for top dollar are finding buyers are looking for a “just right” home that is updated. Buyers are especially hesitant to take on repairs and maintenance when purchasing a home this year.