Stronger-than-expected hiring in May points to a resilient labor market, but it could also keep mortgage affordability in focus if the Federal Reserve sees less reason to cut interest rates soon, economists said.

Employers added 172,000 jobs in May, about double what many economists expected, while the unemployment rate held steady at 4.3%, according to the U.S. Bureau of Labor Statistics. Job gains were led by leisure and hospitality, local government and health care, while financial activities lost jobs. Construction added 17,000 jobs, pointing to continued building activity.

Revisions also added a combined 93,000 jobs to March and April, bringing the three-month average to 188,000 jobs.

Florida Realtors® Chief Economist Dr. Brad O’Connor said the strong labor market data may give the Fed less reason to cut rates unless inflation shows more progress.

“Mortgage rates remain the biggest factor in the housing affordability equation for Florida,” O’Connor said.  “On a statewide basis, Florida home sales have been up year over year for eight consecutive months, but this streak could be in jeopardy unless we’re able to get rates back down to where they were earlier this year.”

For housing, the report sends a mixed message. A steady job market can support consumer confidence and give employed buyers more stability as they weigh a purchase.  But stronger hiring also can make it harder for the Fed to lower interest rates, especially if inflation remains stubborn.

O’Connor said the Fed is balancing two goals: keeping unemployment low and keeping inflation under control. Lower rates can help support the labor market, while higher rates are often used to fight inflation. With labor-market data looking stronger than inflation data in recent months, he said there is not much optimism for lower rates unless inflation begins to ease.

The Mortgage Bankers Association said the stronger-than-expected May jobs report showed continued resilience in the labor market at a time when inflation remains too high.

“MBA continues to anticipate that the Fed’s next move will be a rate hike, and that means mortgage rates are unlikely to drop anytime soon,” said Mike Fratantoni, MBA’s senior vice president and chief economist.

The Fed meets June 16-17, and the May jobs report will be one more factor officials consider as they decide where interest rates go heading into summer.

For Realtors®, the rate outlook keeps affordability conversations front and center. Even small rate changes can shift monthly payments, price ranges and buyer urgency, especially for customers who paused their search while waiting for lower rates.

Fratantoni also said wage growth slowed to a 3.4% pace in May and is running below inflation, “putting a strain on household budgets.”

For buyers, that means updated payment scenarios may matter more than broad rate forecasts. Realtors can help customers compare lender options, revisit price ranges, consider seller concessions and focus on what they can afford under current market conditions.

© 2026 Florida Realtors®

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👉 Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ serves all of Lee County and Collier County, including the Gulf Coast Islands here in Southwest Florida.  We Directly Help Sellers and We Directly Help Buyers; with our clients best interests in mind.

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Recently as Listing Agents, Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ helped a number of sellers who had been in Foreberance, Pre-Foreclosure and in similar difficult situations.  We were able to get all of them to a "very good place"; worry free & stress free; with excellent end results for them.   Also, Kim is a certified stager which helps us additionally on all of our listings.  Call us for more information: 239-360-5527.

With access to many different professions on our team, we help and serve people in many different situations; everybody's situation is different even in a hot sellers market as we recently experienced.

If you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; anytime; we continue to achieve excellent results in the communities where we list and sell across Lee and Collier Counties utilizing our Knowledge, Experience, Systems and Tools.

Sadly for some time we see a number of sellers who are not keeping up with the changes locally; often putting their homes on the market and selling them for less than what the market can bear.  Additionlly; selling a home the first day on MLS may not guarantee the best price for the seller / homeowner.  Please call Barry at 239-360-5527 for more information.

We offer a confidential / private, custom Concierge Service, if a home owners property needs work 🍀  For every property situation, we have a solution / solutions with a proven track record ☘

Even with Hurricane Ian having passied thrugh Southwest Florida last year, as people continue to move and relocate to the general areas of Lee & Collier Counties; aka: Paradise Coast from other parts of the United States, it is important that we are able to directly serve all of the area; which we do, efficently.  We have the ability to offer many different Choices, Price-Points and Lifestyles all of which are in abundance here in SW FLA, 239RealEstateDeals.Com LLC has blanket coverage of Southwest Florida and most of Florida for that matter by being active members of four different MLS systems.  Additionally we have the latest cutting edge technologies in house with many systems in place to better serve our customers and clients who we represent.

Inventory remains steady, but is increasing overall; we do continue to list and market new South Florida property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to Waterfront high rise right on the Beach / Gulf Coast.  We have something for everyome from beach lovers, boaters, golfers, nature lovers to farmers and horse lovers.

We continue to see many people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds working from home.  Previously we had Snowbirds; interesting how terminology keeps changing / evolving.  Hurricane Ian prompted some buyers to start looking again, while other buyers had pulled back momentarily.

Interest rates increases have sadly driven some buyers out of the market place, we do see price reductions on some overpriced and / or under marketed listings.  Even with recent interest rate hikes, buyers are still looking, but showing more prudency than before as we Secure Real Estate Deals for them.  Properties are still selling as it trends towards a more balanced market.

Relatively low inventory overall is still a challenge for active buyers who are not prepared on some property types; but if prepared you are ahead of the game; ask how we can help with all of that.  We do see more listings coming to the market here in Southwest Florida, so, that is good.

We recently got a number amazing deals for buyers; even during the recent Hot Sellers Market; and we are working on others as our market changes a little having gone through a hurricane.  There are deals out there; if you work with us, we will definitely find them for you. 

For those relocating to Florida (and to other areas), we are pleased to be able to efficently assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation with the best available representation.  Call Barry at 239-360-5527.

At our Real Estate Team; Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ we have been succesfully working 100% virtually / remotely for the past number of years; I'm thankful that we already had systems in place to better help sellers and buyer with goal posts continually moving within our industry / profession.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team, 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more information on how it may effect you; Call Barry at 239-360-5527 ☘

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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number one state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know..  Much of our business is based on referrals from past customers, friends, and Realtors.

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Please visit our Hoey Team ☘ Luxury Home Market Page including Luxury Home market Reports for Naples, Marco Island and for Lee County by Clicking Here

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Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

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🌐  www.HurricaneHelpFL.com  🌀  Post Hurricane Resources and Tools Library 🛠 Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Serving Lee and Collier Counties, Southwest Florida 🌴