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Photo: Luke Sharrett/Bloomberg via Getty Images

The median price of a single-family home climbed 14.9% to $315,000 in the fourth quarter, according to the National Association of Realtors' latest report.

Why it matters: That was the biggest surge in the history of the data series, which dates back to 1990.

  • Every metro area tracked by the group saw home prices rise from a year ago and 88% of the metros followed (161 areas) saw double-digit price increases.

The big picture: The increase in housing prices along with the fact that the stock market is now 15% above its pre-pandemic level "has pushed the household wealth-to-income ratio to an all-time high, providing further support for the 2021 consumer recovery," Goldman Sachs' economic research team said in a note to clients.

  • "But signs of bubbles in some corners of the market have also raised questions about the potential economic fallout if the broad rally in risk assets reverses."

Go deeper

Dion Rabouin, author of Markets
Feb 11, 2021 - Economy & Business

China's producer prices jump while consumer prices fall

Data: Investing.com; Chart: Axios Visuals

Prices for Chinese consumers in January declined by 0.3% from last year, while prices for producers, or businesses, rose by 0.3%, data showed.

Why it matters: Rising prices for producers in China, the world's No. 1 trading nation, are often the result of increasing commodity costs and typically mean prices will rise for the rest of the world.

Felix Salmon, author of Capital
Feb 11, 2021 - Economy & Business

The stimulus debate: Is it too big?

Illustration: Annelise Capossela/Axios

Can too much federal spending cause the economy to overheat? And is that a real risk of the Biden administration's $1.9 trillion economic rescue plan? The consensus answers to those questions are yes and no, respectively.

Why it matters: Fear of inflation has emerged as the single biggest reason for Democrats and Republicans to oppose the latest round of stimulus. For the time being, however, most economists expect that inflation will remain subdued, even if the full package is enacted.

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.