Lately, I’ve noticed more conversations about how people are feeling about the economy—and it turns out, US consumer confidence has slipped to a seven-month low. Even though folks are still feeling pretty good about their current situations (the present-conditions index actually jumped about 7 points to 121), there’s more worry about what’s ahead. The expectations index dropped about 6 points to 68, which is a level historically linked to recession risk. Early in Q3, we also saw 23,000 jobs cut and unemployment inch up to around 4%. That said, it’s largely because more people are stepping out of the workforce—not because hiring is on the upswing.
What does this mean for those thinking about homeownership, especially here along the Emerald Coast and Northwest Florida? Interestingly, even with these confidence dips, homebuying expectations have only eased a little and are still trending upward. About 61% of people still expect interest rates to climb. With federal policymakers keeping rates steady and markets not expecting much relief soon, it looks like borrowing costs will likely stay higher through the end of the year.
I know navigating these shifts can feel overwhelming, especially if you’re making big decisions for your family. My approach has always been to keep you informed, walk you through the market’s ups and downs, and make sure you feel supported every step of the way—service over sales, always.
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