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But we saved everything 🙂.
E.J. Antoni reports that homeownership affordability in the U.S. declined sharply in April, reaching the lowest level since August.
The monthly mortgage payment on a median-priced home is now well over half of the median household's take-home pay, as interest rates climbed and median sale prices hit a new record high.
Antoni previously reported that the Dallas Fed’s trimmed mean PCE inflation rate fell to 2.3% in April. He also highlighted a 1.5% decline in U.S. utility prices following the start of the Iran war. These figures offer additional context for recent moves in consumer costs.