The national jobs market smashed expectations in June, adding almost 5 million jobs for the month. The financial markets have responded positively to this news, pricing in a V-shaped recovery as the economy continues to make strides against the losses caused by the coronavirus pandemic.
Many of the jobs gained back in June were lost in the previous three months due to the widespread business closures from the pandemic. In the tri-state area of New York, New Jersey and Connecticut, the pandemic has largely been contained by stay-at-home measures and aggressive social distancing policies. This containment bodes well for the local economies of all three states as they continue a phased re-opening of businesses and more jobs return.
Real estate markets have benefitted from the economic recovery, with home values in the tri-state area staying steady even during the worst of the crisis. With demand for real estate on the rise and home inventory for sale at historically low levels, home prices in the area are slated to continue their upward trajectory.