How inflation and gas prices are affecting the housing market
RALEIGH, N.C. (WTVD) — Buying a home is already a challenge, but now new economic factors threaten to make the market even more competitive.
“Over the last two years, the virus has really been running the economy,” explained NC State economist Mike Walden. “The virus is subsiding now we have another event that we have no control over, the war in Ukraine, that’s really driving a large part of the economy right now.”
Since the war began, gas prices have increased by around 21% nationwide. This increase paired with the inflation the country was already experiencing means less money for homeowners to buy a home. The global tensions and rising oil prices are expected to affect inflation, along with shortages.
