U.S. Economic News

May 24, 2017

U.S. Economic Indicators

The FHFA House Price Index shows that U.S. house prices rose 1.4% in the first quarter and were up 6.0% from the same period last year.  House prices increased on an annual basis in 48 states and the District of Columbia. Report
Existing home sales fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April, but are 1.6% above year-ago levels. 
Weakening sales in April were driven by stubbornly low supply levels as demand outstripped the stock of homes in every region except the Midwest.  NAR Report

U.S. News

The Wall Street Journal reports that Republican members of Congress are still advocating for a border adjustment tax as part of comprehensive tax reform.  The proposal, which would tax imports and exempt exports, has faced bipartisan opposition in Congress as well as stiff resistance from many members of the business community.  WSJ