"In markets like Washington, D.C., Virginia Beach, Oklahoma City and Baltimore, where many households rely on federal employment, we're seeing buyers take a brief step back as uncertainty persists. However, home prices and inventory trends in these areas continue to move in line with broader national and regional patterns, suggesting that the overall market remains steady for now. Federal employment accounts for 11% of the labor force in the D.C. metro area, 7% in Virginia Beach, 4.2% in Oklahoma City and 3.7% in Baltimore."
"Realtor.com data show that new listings dropped in October in these markets down 13.9% in D.C., 5.1% in Virginia Beach, 1.4% in Oklahoma City and 2.4% in Baltimore. Online home searches in those areas also fell between 8% and 12% as prospective buyers paused amid uncertainty over paychecks and job security. Slight month-to-month price declines in several shutdown-affected metros appear consistent with typical fall cooling rather than evidence of a broader downturn."
Federal shutdown effects on housing are currently localized and modest, concentrated in metros with larger shares of federal employment such as Washington, D.C., Virginia Beach, Oklahoma City and Baltimore. Federal employment accounts for 11% of the D.C. metro labor force, 7% in Virginia Beach, 4.2% in Oklahoma City and 3.7% in Baltimore. Realtor.com data show new listings dropped in October by 13.9% in D.C., 5.1% in Virginia Beach, 1.4% in Oklahoma City and 2.4% in Baltimore, while online home searches in those areas fell 8% to 12%. Slight seasonal price declines were observed in affected metros, with the nationwide median list price at $424,200, up 0.4% year-over-year. Price reductions appeared on 20.2% of listings, and homes were spending slightly more time on market.
Read at www.housingwire.com
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