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Although the unemployment rate is at 12% right now, the housing market continues to chug along. The inventory of homes for sale remains below average, which has helped to stabilize the market.
The Great Recession of 2008 hit all sectors of the economy, and the unemployment rate was high among nearly all occupations. The big difference in the pandemic is that a high percentage of people who are out of work are blue collar/hourly wage employees who tend to be renters. The people who are qualified to buy homes tend to have jobs that have adapted to telecommuting, and a much lower percentage of these people have lost their jobs so far.
It remains to be seen if this stability in the housing market can continue until a vaccine is readily available in early 2021.
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