The article discusses the impact of rising unemployment on the D.C. housing market, where the unemployment rate is currently higher than the national average. The report highlights a 5.8% week-over-week increase in inventory for single-family homes, bringing the total to 3,768 homes. Despite this increase, the current inventory remains historically low compared to previous years. New listings saw a significant uptick, with a 20% rise, indicating potentially accelerated seller activity despite the less favorable job market, as pressures from federal job cuts loom over the local economy.
A rising unemployment rate might as well be the antithesis to home sales growth in the housing market: it's hard to purchase a house or make housing payments without stable employment.
According to the U.S. Bureau of Labor Statistics (BLS), the unemployment rate for the entire nation was 4.1% at the end of 2024.
Inventory for single-family homes in the D.C housing market rose to 3,768 this week, marking a 5.8% increase from the week before.
New listings volume grows each year during the spring months, and this year seller rates appear to be accelerating faster than in recent years.
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