TheStreet’s Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for Tuesday, April 2.
FULL VIDEO TRANSCRIPT BELOW:
Remy Blaire: I’m Remy Blaire – reporting from the New York Stock Exchange. This is what we’re watching on TheStreet today.
Investors will be looking ahead for a host of economic data – including ISM’s manufacturing data, U.S. auto sales, and the March jobs report. They’ll also be awaiting comments from several Fed Bank Presidents as the U.S. Central Bank gears up for its May decision on interest rates.
In other news – as prospective homebuyers continue to struggle with the real estate market, a new report may shed some light on one of their biggest issues.
According to new data from Bankrate.com, there are 22 states, plus Washington D.C., in which homebuyers need a six-figure household income to comfortably purchase a median priced house. In January of 2020, that kind of income was necessary in just six states and Washington D.C.
In the report, Bankrate said *quote* “Homes have become less affordable because home price appreciation has so far outpaced wage growth. Why have home prices gone up so quickly? Blame supply and demand.”
At $197,000, California requires hopeful homebuyers to have the highest household income. It’s followed by Hawaii, Washington D.C., Massachusetts, and Washington state. However southern and midwest states require the lowest income levels to purchase a home, with Kentucky having the lowest in the nation at about $65.000.
Despite Bankrate’s findings, home sales increased far more than expected in February. According to the National Association of Realtors, existing home sales rose 9.5 percent from January, with 4.38 million units being sold, despite the shorter month.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
