The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Commerce Department report on Q2 GDP:

“The second quarter GDP growth rate was still unimpressive despite doubling the pace from the first quarter. The latest 2.6% expansion is still below the long-term historical average of 3.1% and what President Trump had campaigned on. The missing ingredient was a pullback in new home construction. Residential investment fell 6.8%. Other areas were all decent, though not spectacular. Consumer and business spending rose at around 3%. Exports rose 4.1% while imports gained 2.1%. More international trade will mean more real estate purchases by foreigners. America faces a housing shortage and we need more construction. If this can simply be done, the economy will move up to the fast track.”

Source: Newsline

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.

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Steven Diadoo, Licensed Realtor in MN with BRIDGE REALTY and best-selling author of 'Road to Success' with Jack Canfield (Chicken Soup for the Soul), Board Member at Bowling for Brains Non-Profit 501(c)3 (Event to benefit the American Brain Tumor Association), licensed Realtor with Bridge Realty, Seen on DIY TV, Create Channel and PBS. For help buying and/or selling a house, please call (952) 270-6141 or Click here.