An improving economy is turning up the heat on the summer housing market.
The unemployment rate fell to 13.3% in May as more cities and states reopened and many furloughed employees were called back to work, the U.S. Bureau of Labor Statistics announced on Friday. While unemployment is still high, it’s less than April’s rate of 14.7% and well under the predictions of many economists.
“There are signs that the better-than-expected jobs situation is already having a positive effect on the housing market. We’re seeing more home buyers in the market than we did this time last year,” says realtor.com® Chief Economist Danielle Hale. “It’s shaping up to be a hotter-than-expected summer in the housing market.”
Even before anyone had heard of COVID-19, there was a shortfall of homes for sale. Once the virus reached crisis proportions in the U.S., many sellers responded by pulling their properties off the market or holding off on listing them. This made the situation even worse. However in the past few weeks, things are beginning to shift a little.
The houses are flying off the page in Mohave County. Time will tell, but it still looks to be a mass exodus from California into Arizona.