The measure of buyers actively touring homes for sale has been surprisingly strong in 2023. This type of traffic indicates that more people are out looking at homes now, than they were prior to the pandemic.
It may seem curious that so many buyers are active when mortgage rates are higher this year than last; the following indicates two strong reasons for this activity.
The Job Market Is Growing at a Stronger-Than-Expected Pace
It might feel surprising just how strong today’s job market is, and it appears to be getting stronger. Bureau of Labor Statistics (BLS) reported that 88,000 more jobs were created in April than in March; this beat expert projections – a solid indicator that the job market is growing.
Unemployment Is at a Near All-Time Low
In April 2023, the unemployment rate dropped to 3.4% – a 50-year low. Many people are steadily employed and financially stable right now, so they’re able to seriously consider buying a home, even with mortgage rates as they are now.
The bottom line is that there is good news for both buyers and sellers. Sellers benefit from increased interest in their property, with the number of homes for sale so low. Buyers get to shop with confidence based on their stable income and trust in a sound job market.