As we look to the summer it is good to understand where we are within the recent real estate market. Corken + Company places a high value on making sure our clients are aware of the market they are stepping into, and how that market affects their buying and selling of properties. Chief Economist Danielle Hale dives into June numbers on employment, mortgage rates, and home prices.
We have reached a 6th consecutive post pandemic low, with 376,000 jobless claims filed on the week of June 5th. Which is great news for workers, as they face strong job prospects.
Small businesses have reported having trouble hiring and filling the roles necessary. In addition, small businesses owners’ optimism has fallen some since the previous month.
In housing the typical home asking price increased again. Making it the 43rd straight week of double digit growth. New listings have dropped 1% after 8 weeks of growth, which is likely due to the Memorial Day Holiday which fell a week later than last year.
With home prices and seller confidence both up, we should see more new sellers in the weeks ahead. A record amount of high share of consumers have stated they would buy before renting if needing to move. This might be due to the fact that real estate equity grew by more than 800 billion in the first quarter.
These statistics help give us a picture of the current market, and allow us to estimate where the market will be going in the next several months. The team at Corken + Company has over 20 years of experience in Colorado real estate. No matter that status of the market, or your varying needs, our team can provide Real Estate Solutions Without Limits to accomplish all of your buying, selling, and leasing goals. Contact us today!