Unemployment and supply of homes are correlating higher, layoffs soar 410% in February, with inventory showing a 24% increase, the highest in years.

by

The real estate rollercoaster is hitting some unexpected twists and turns, with February delivering a double whammy of unsettling news. Brace yourselves: layoffs have skyrocketed a jaw-dropping 410% compared to last year, hitting levels not seen since the gloomy days of 2009. And guess what? The housing market is feeling the aftershocks big time.

Picture this: home inventory levels have ballooned by 24% from this time last year, painting a landscape flooded with “For Sale” signs. But hold on, it gets wilder. The Sunbelt, known for its sunny skies and hot markets, is now facing a deluge of available properties, setting records for supply surges.

Meanwhile, apartment vacancies are creeping up to their highest levels in seven years, hinting at a shift in the rental market’s tides. As sellers flood the market with 14% more listings than last year, buyers seem to be hitting the brakes, with overall demand dipping by 15% since March 2022.

It’s not all doom and gloom, though. With supply outpacing demand, nearly a third of homes are slashing their price tags, opening doors for savvy buyers. Even new home sales are feeling the pinch, with prices taking a 20% nosedive compared to previous periods.

In the midst of this real estate rollercoaster, it’s clear that we’re in for a wild ride. But with challenges come opportunities, and navigating these turbulent waters will separate the rookies from the pros.



Uh-oh! It looks like you're using an ad blocker.

Our website relies on ads and the generous support of readers like you to keep delivering free, high-quality content. Right now, we are facing serious funding challenges and we need your help more than ever. Disable your ad blocker and this message will vanish. You can also sign up for a membership to enjoy an ad-free experience while supporting our work: https://citizenwatchreport.com/plans/subscriptions/ Your support helps us stay independent, continue our work, and keep content free for everyone. We truly appreciate your understanding and thank you for standing with us.