The recent May Jobs Report showed employers added 280,000 jobs last month, which hints that there will be no slowdown in job growth anytime soon. REALTOR.com Chief Economist Jonathan Smoke said this was a good affirmation that indeed the economy is back on a positive track and that it is also very positive for housing.
The critical age group of 25-34 year olds has seen 1 million jobs created over the last 12 months. According to Smoke, this age group is the typical range for the average first-time homebuyer, which still represents the largest chunk of buyers in the market. As that group’s economic situation continues to improve, their housing activity follows. “With more jobs, more people in the labor force, and higher wages materializing, this spring’s strong pace for home sales will continue,” said Smoke.