Wages have increased 2.5 percent nationally since last year. Unfortunately for prospective buyers, house prices have risen 8 percent during the same time.
HousingWire reports that total nonfarm employment increased by 211,000 in April, per data from the U.S. Bureau of Labor Statistics. But, even with more jobs, the housing market is unlikely to feel an impact.
Experts say that house prices continue to accelerate from low inventory. On the building side, though the economy added 5,000 construction jobs last month, it’s only a fraction of what the industry needs to build more houses.