Wage growth remains sluggish. The stock Market continues to be volatile. Target, Macy’s and many other big retailers are struggling — and the recent spike in oil prices could further dent consumer spending.
New home sales hit their highest level since 2008 in April. Yes, 2008. The year the Housing market, Wall Street and the entire U.S. economy went to you know what in a hand basket.
And home prices hit a record high.
Big homebuilder stocks Pulte (PHM) and KB Home (KBH) both rallied on the home sales news. And they are beating the broader market this year.
Shares of home price tracker Zillow (Z) — aka the web site you go to voyeuristically see what your neighbor’s home might be worth — are up more than 20% this year as well.
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Source: CNN Money
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