The spring market has unexpectedly become quite busy. As we transition into summer, I want to provide you with a quick update on the current factors influencing the housing market.
According to the latest index from ShowingTime, which monitors showings across the entire market, many people are actively searching for homes. In fact, the activity level is higher than pre-pandemic levels. Why are there so many prospective buyers when mortgage interest rates have doubled from last year?
There are two primary factors contributing to this phenomenon. First, the job market is robust, with the Bureau of Labor Statistics consistently reporting an increase in available jobs. This positive indicator reflects the overall health of the economy. The second factor driving the current surge in buyer activity is a historically-low unemployment rate.
“Home prices have surpassed pre-pandemic levels.”
Despite concerns about inflation levels expressed by the Federal Reserve, individuals across the nation remain gainfully employed. The major layoffs have primarily affected the tech field, which has minimal impact on our area here in Harrisonburg, where jobs in sectors like education, healthcare, and agriculture remain stable. Consequently, people feel secure in their employment and financial situations, which fuels their desire to purchase homes.
The bottom line is that the spring market has been exceptionally active, and I anticipate this trend continuing into the summer. If you are considering leasing your home this summer, be prepared for significant foot traffic.
Don’t hesitate to call or email me if you have any questions about this housing market. I’d love to hear from you!