The news: A recent headline in the Washington Post reads “Overall, massive tax overhaul hasn’t hurt home values.”
According to the Post, recent housing statistics have boded well in this growing economy. Citing new data from the National Association of Realtors, the Post reports:
- Home sales rose 12 percent in February – this is the largest month-over-month gain since 2015.
- Median home prices also rose in February by 3.6 percent – marking seven straight years of year-over-year gains.
Why this matters: Leading up to the historic passage of the Tax Cuts and Jobs Act, special-interest groups predicted doomsday for the American housing market. Headlines claimed that the tax overhaul would “hurt” real estate, stating “home values would likely take a hit.”
But as the Post reports this week:
“By all indications, there have been no widespread decreases in home values.”
The bottom line: Owning a home has long been part of the American Dream – and that dream is alive and well in today’s flourishing economy. Republicans transformed the tax code to allow Americans to keep more of their own hard-earned money, and despite doomsday predictions, home values continue to remain stable.