Lately, I’ve noticed some shifts in how people are feeling about the economy—and it’s making its way into our local real estate conversations as well. In Mid-Q3, the US consumer confidence index hit a seven-month low, with the expectations gauge dropping about 6 points to 68—historically a recession watchpoint—even as the present-conditions index rose nearly 7 points to 121. What does this mean for buyers and sellers? While folks are still feeling okay about their current situation, there’s more uncertainty looking ahead: job cuts reached 23,000 and unemployment ticked up to around 4%, but mainly because people left the workforce rather than hiring picking up.
Despite these concerns, homebuying expectations only eased a bit and, interestingly, continued to rise in Mid-Q3. Around 61% of consumers still expect interest rates to climb, and with policymakers holding rates steady, high borrowing costs look likely to stick around through the end of the year.
Navigating market ups and downs is all part of what I do. My experience in the High Desert and Mountain Communities has taught me that even in uncertain times, it’s possible to make smart moves—especially when you have the right local insight and advocacy on your side.
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