Comparison of car and house price trends over 5 years | Entertainment News

For many, the idea of ​​buying a reliable vehicle that doesn’t break the bank may seem like a pipe dream. Prices have been rising steadily since 2017, and until automakers overcome supply chain and labor issues to pull more cars off the assembly line, pent-up consumer demand will only raise prices. With dealer inventory dwindling, car buyers have turned to used vehicles instead, creating fierce competition in the new and used car markets.

But it’s not just automobiles, the housing market has also seen a huge jump. In the second quarter of 2022, the median home sale price was $440,300, a 15% increase from the same period in 2021. Historically low interest rates and increased housing demand during the pandemic of COVID-19 have resulted in a shortage of homes for sale and record prices across the country. Although prices are still high, the number of home sales has declined since their pandemic peak: in July 2022, the number of home sales was down 20% from the previous year.

To look at the general trend in consumer car and home prices in the United States, Jerry compiled data from the Bureau of Labor Statistics and to understand how prices for two of the largest buying categories in consumption have changed over the past five years. Consumer price indices for new and used vehicles measure the price paid by urban consumers, who comprise about 88% of the total population. Changes in the index measure the rate of inflation between two periods.

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