In the wake of the latest housing market meltdown, a new report from real estate research firm CBRE found that demand for real estate jobs in the region has skyrocketed.
CBRE, which tracks the number of home sales per month, said in its report that the number is up over the past year to an annual rate of about 2,500.
“In 2015, the total number of residential sales in the United States averaged about 7.7 million per month,” the report said.
“Overall, the number and pace of new listings is also up in the U.S. by more than 50 percent in 2016, to about 9.6 and 10.3 million, with many of those listings going to millennials. “
“According to CBRE’s analysis, a growing number of young people are moving to the Midwest to find work, and this has been a major driver for the growth in home listings. “
“These millennials have traditionally had a lower level of education and skills compared to their elders. “
The recent housing market crash has caused many to look for work as an alternative to being unemployed or underemployed,” said CBRE president and chief economist Andrew Zimbalist. “
These millennials have traditionally had a lower level of education and skills compared to their elders.
The recent housing market crash has caused many to look for work as an alternative to being unemployed or underemployed,” said CBRE president and chief economist Andrew Zimbalist.
“For many, the ability to find a job can be a challenge, especially when they have children who are not yet ready to be full-time workers.”
The report also noted that home-sale activity increased in areas where home values were soaring, such as metro Detroit, Cleveland and Philadelphia.
In those areas, home sales were up 40 percent last year, while home values in the Northeast saw a slight decline.
The number of new sales in 2016 hit an annual record of more than 12 million, CBRE said.