Great news for the real estate market and the economy as a whole: San Diego’s unemployment figures are continuing to fall. Within the past 12 months (as of the end of April), 32,100 jobs were created throughout the county.
From March to April alone this year, the unemployment rate dropped from 3.2% to 2.9%. After seasonal adjustments are made, that number drops even further to 2.8%. That makes for a record low since the turn of the century.
The last time unemployment levels in San Diego County dipped below 2.8% was in December of 1999. That month, unemployment was down to 2.6%.
Low unemployment rate for April
The low unemployment rate for April this year reflected a decline in unemployment in California and across the country. The unemployment rate for April nationwide was 3.9%, while it was 4.2% for California. That means San Diego managed to do better than both the country and the state.
As for the breakdown, jobs are being created in a wide range of sectors, many of them high-paying. The biggest three categories are software development, registered nursing, and retail sales.
What does this mean for the housing market?
A job market like this favors employee rather than employers. As the talent pool dries up, employers will need to increase wages to attract qualified professionals. That could increase security as well as financial means for many workers in the area.
With more professionals employed in San Diego County and with the median household income going up, more and more people will be looking to purchase housing. With need continuing to soar and housing still in short supply, sellers will be in a position to demand higher prices for local properties. Those who are in the market to buy will want to do so soon, before the costs go up even more.