Red-hot job market conditions exist in North Dakota, Texas, Utah, Nevada, and Delaware. Job growth rates in these states are running roughly twice as fast as the national average.
At the other end of the spectrum, Alaska, New Mexico, Nebraska, Connecticut, and Illinois are adding jobs at a slow pace. Note: these states are not shedding jobs, but rather adding jobs at a slow pace.
Good news: the job market is strengthening in most states. 41 states improved with faster job creation in the latest month compared to the month prior, while 9 states experienced slower job gains.
Among large metro markets, the standouts are Houston (+4.0%), Dallas-Ft. Worth (+3.9%), and Austin (+3.8%).
Among smaller metro markets, Muncie (+10.4%), Lawrence (+7.4%), and College Station (+7.0%) are far ahead of the rest.
Real estate is affected by many variables. Interest rates and stock market conditions generally impact all states near equally. But local variations occur due to the strength of local job market conditions. Needless to say, REALTORS® are busier in areas with robust job creation.
Lawrence Yun is Chief Economist and Senior Vice President of Research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members.