Falling Oil Prices Lead to Lower Gas Costs Despite Housing Market Slowdown
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Oil prices have dropped recently due to weak demand from China and record US oil production. This has led to lower gas prices in the US.
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China's weakening economy is reducing its demand for oil. Meanwhile, the US is producing oil at record levels, increasing supply.
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Home Depot reported slower earnings and revenue due to the housing market slowdown. But it still beat Wall Street forecasts.
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The typical homebuyer's income surged to $107,000 as home affordability worsened. This prices many families out.
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Homebuyers became more diverse, with the share of white buyers dropping. More single and unmarried buyers are purchasing homes.