‘The strong job market will continue to support housing demand’: Job and wage growth will help boost America’s housing market
The latest jobs numbers suggest America’s strong housing market may have plenty of life left in it yet.
The U.S. added a 315,000 new jobs in August, showing that employers are willing to hire, despite a slowing economy and cooling housing market. The increase in hiring effectively squared with Wall Street estimates. Economists polled by The Wall Street Journal had forecast 318,000 new jobs. That’s good news for sellers, but suggests that buyers — particularly first-time buyers — face a challenge getting their foot on the property ladder. The National Association of Realtors expects home-price appreciation to slow to 5% by the end of this year and into 2023, down from 14.2% in the second quarter.
Homes are remaining on the market in August for longer for the first time in two years, the number of homes for sale has increased by more than 25%, and listing prices are falling sharply as compared to the previous month, according to Realtor.com.
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