Friday s closing bell marks the end of trading but not the end of the bear market. all three indices suffered their worst losses since 2008. workers bonuses were slashed, and retirees saw their savings shrink. cryptocurrencies crashed after flirting with mainstream step stance. fraud charges followed. unemployment remains low at 3.7%. but the pandemic driven real estate boom is over. the federal reserve raised interest rates crushing demand as intended. the median price of a home this year, now more than $398,000, up nearly 10% from last year, and pump prices have finally declined after a wild ride. they surged after russia s invasion of ukraine crossing $5 a gallon for the first time ever in june. they re now back to a number that starts with 3. still ahead on the cbs weekend news, it s a new year and a new congress. we ll look back at a house member who left his mark after a life of activism.
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Back with our series inside the metaverse, and the real estate boom going on in these interactive online worlds virtual land selling for sometimes eye-popping amounts of real money leading some to ask what s going on? sam brock explains reporter: in the white hot miami housing market, there s one thing that sets this still under construction property apart, and it s not the lambo out front. come in, i ll show you around. reporter: welcome to meta residence one. it can be whatever the homeowner wants it to be. reporter: it is the first property anywhere in the world about to be sold not just as a house in real life but as a nft in the metaverse as we come in here, the gym.
If you partook in the real estate boom, it was a fat time at zero interest rate policy and white collar who went in for ppp loans forgiveness. rahm emmanual come in and say don t waste a good crisis. i fear you ll see the same coming after this pandemic and great inflation. all that aside, has it not been a good week for the president? we have the deal with manchin and sinema, kansas s surprise vote beating back abortion restrictions. has it been a good week? it has been a great week, especially when you think about the fact that joe biden calls himself the guy all about