The U.S. housing market is displaying concerning indicators as unsold homes accumulate nationwide, while employees are adopting defensive job strategies amid economic uncertainty.
New data from the Census Bureau reveals 121,000 newly built homes sat unsold in July, marking the highest inventory level since the 2008 financial crisis.
Home prices are also declining, with the median price dropping nearly 6% to just under $404,000. Real estate experts attribute the slowdown to elevated mortgage rates that continue to deter potential buyers from entering the market.
Workers shift from job hopping to job hugging
Simultaneously, American workers are dramatically altering their employment strategies in response to economic headwinds.
A recent study by the consultants at Korn Ferry found employees are now "job hugging" instead of job hopping, meaning workers are prioritizing job security and focusing on retaining their current positions rather than seeking new opportunities.
This represents a significant departure from employment patterns observed just a few years ago during the Great Resignation and the pandemic-era home buying surge, when workers frequently changed jobs for better opportunities and housing demand soared.
The dual trends of housing market softening and employment defensiveness suggest broader economic concerns are influencing major financial decisions for American families.
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