Confidence among US consumers has slipped to its lowest point in seven months, even as many folks feel a bit better about their current situation. In mid-Q3, the present-conditions index actually climbed about 7 points to 121, but the expectations gauge dropped by 6 points, landing at 68—below the threshold that’s historically signaled recession risks. Early in Q3, the job market saw 23,000 positions cut, and unemployment inched up to roughly 4%. That uptick, though, was mainly because more people left the workforce—not because employers were hiring less. What stands out for me, looking at these numbers from a real estate perspective, is that even as confidence softened, homebuying expectations only eased a little mid-Q3 and then continued to rise. About 61% of Americans still believe interest rates will climb even higher. With federal policymakers keeping rates steady and the markets not expecting much relief soon, it seems likely that borrowing costs will remain elevated through the end of the year. As someone who’s navigated both the real estate and mortgage sides here in Las Vegas, I’m keeping a close eye on these trends for buyers and sellers alike.
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