US median home price hits $440,600, an all-time high, NAR reports
The International Monetary Fund this week downgraded its outlook for the world economy in 2026, citing the energy shock caused by the war with Iran, the organization said in its latest World Economic Outlook update. The IMF now expects the global economy to expand by 3% in 2026, down from 3.5% last year and from the 3.1% it had forecast in April.
The fund said the fallout from the conflict is being partially offset by booming investment in artificial intelligence and other technologies. It expects worldwide growth to rebound to 3.4% in 2027.
Separately, the National Association of Realtors reported that the U.S. median sales price increased 1.8% in June from a year earlier to $440,600, an all-time high on data going back to 1999. Home prices have risen on an annual basis for 36 months in a row, the association said.
The Federal Reserve’s rate-setting committee is split over whether inflation is cooling enough to allow rate cuts, according to the AP’s weekly economic roundup. The division comes as households face higher costs at the grocery store and gas station, with rising costs impacting decisions by both households and businesses.