Strong Job Market Fuels Buyer Demand

The spring real estate market has been a busy one in most areas. Despite home loan rates being higher this year as compared to last year, buyer demand is still strong and even getting stronger. According to recent data released by Showing Time, which is a measure of buyers touring homes, it makes a statement that more buyers are actively touring homes this March compared to March in pre-pandemic years. Here is a look at why buyers are so active these days.

Job Market Strength

With inflation still being on the higher side, the Federal Reserve increasing the Federal Funds Rate and headlines discussing a potential recession, it is great to see just how strong the job market is. Furthermore, it is strengthening as well. According to the Bureau of Labor Statistics (BLS), there have been a noteworthy amount of jobs added to the market. In particular, there were 88,000 more jobs created this April than in March. Furthermore, the April numbers exceeded expert projections as well. This shows great progress in the direction of growth.

Unemployment Nearing All-Time Low

Another noteworthy data figure that goes hand in hand with new job growth is that of unemployment. According to BLS the unemployment rate is currently at the lowest since May of 1969. The average rate from 1948 to 2023 was 5.7% and we are now at 3.4%. So with so many people employed they are able to consider buying that home nowadays. 

Impact on The Market

Ultimately this is positive news especially for sellers in this market given the buyer activity. With the number of homes available for sale being low still, sellers should expect to see strong interest in their properties listed for sale. If you are considering selling your home in the near future, feel free to reach out and let’s have a discussion on what you should expect for your home in your particular area.