In a time where real estate is moving quickly in terms of home sales, we have gotten used to lightning fast speeds in 2021. But with job market improvement, patience will be needed.
Real estate stability depends on a healthy, robust jobs market. Without jobs, people cannot form households, buy property or continue making rent or mortgage payments. What is the outlook for the jobs market in the months to come?
Last year, the triple whammy of the recession, pandemic and financial crash all coalesced into employment taking an abrupt and sudden nosedive. Here in California, between the December 2019 pre-recession peak and by May 2020, 2.6 million jobs were lost. These job losses effectively erased the past four years of job growth.
Some jobs have been recovered throughout 2020-2021, but jobs are still 1.7 million beneath pre-recession levels, as of March 2021.
This job market slack is likely to continue for some time, according to a recent report…