Consumer confidence across the US just slipped to a seven-month low, even as folks felt a bit better about their current situation mid-Q3. The present-conditions index actually climbed about 7 points to 121, but the expectations gauge dropped nearly 6 points to 68—dipping below a threshold that’s often been linked to recession risk. Early in Q3, employers trimmed 23,000 jobs, and the unemployment rate nudged up to about 4%. But here’s the catch: that shift came mostly from people leaving the workforce, not because hiring was picking up.
For anyone eyeing the housing market—whether first-timer or seasoned investor—it’s telling that even with confidence softening, homebuying expectations barely budged. They actually continued to rise, and nearly 61% of folks still expect interest rates to climb further. With policymakers keeping rates steady and markets signaling little short-term relief, it’s clear that borrowing costs will likely remain elevated through the end of the year. In my two decades handling everything from REOs to traditional sales, I’ve seen how these shifts shape buyer and seller decisions. Staying informed—and prepared—gives you the upper hand in Chicago’s ever-changing market.
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