Lately, consumer confidence in the US has taken a dip, reaching its lowest point in seven months. While people are feeling a bit more positive about current conditions—with the present-conditions index rising about 7 points to 121—the outlook for income, business, and jobs over the next few months has dimmed. The expectations gauge dropped nearly 6 points to 68, a level that's often associated with recession risk. Early in Q3, we also saw 23,000 jobs cut by employers, and unemployment edged up to around 4%, mostly because more people exited the workforce rather than increased hiring.
Despite these shifts, homebuying expectations only eased slightly in mid-Q3 and continued to trend upward. Around 61% of consumers still expect interest rates to rise. With the Federal Reserve holding rates steady and markets not predicting much relief soon, it looks like borrowing costs will remain elevated through the end of the year for buyers.
As someone who tracks the Andover market closely, I’m always keeping an eye on these trends to help clients navigate both the challenges and opportunities. If you’re curious about how these figures might shape your plans—especially with rates and inventory in flux—staying informed is key.
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