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  • Writer's pictureMolly Graw

Economic Reports Impacting Our Housing Market

According to the U.S. Bureau of Labor Statistics Employment Summary, while the U.S. added 339,000 jobs last month, unemployment rose to a seven-month high of 3.7%.

Wage growth also slowed, which is a signal to the Fed that higher interest rates are cooling the economy.

Another positive data point for the Fed is the monthly Job Openings and Labor Turnover Survey (JOLTS) report, which spiked to 10.1 million job vacancies (+358,000) in the U.S.

At the state level, California's Unemployment Rate Report edged slightly higher to 4.5%. (Side note - our employment rate is up just .4% since April of 2022).

So while there is softening in this employment data, it is important to note that these numbers still point to a robust job market, especially in California. Strong employment will continue to drive housing demand.

While the housing market is challenging due to rates, lack of inventory, and a bit of a stand-off between buyers and sellers who aren’t in agreement on pricing, markets like this come and go.

Market conditions are variable and will eventually change. What has not changed is the long-term value of real estate in the South Bay.

Give me a call so we can discuss mortgage rates and market conditions.

Data source: Mark Cohen, Cohen Financial

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