A drop in home values is forcing out-of-work executives and managers to look for jobs close to home, according to a survey.

Outplacement firm Challenger, Gray & Christmas Inc. said 6.9 percent of those employees who found a job in the quarter that ended Sept. 30 were able to relocate. That is the lowest figure since the company began tracking job placements in 1986.

In the same quarter last year, 13.4 percent of unemployed executives and managers relocated.

“Continued weakness in the housing market is undoubtedly the biggest factor suppressing relocation,” CEO John Challenger said in a press release.

“Job seekers who own a home – even if they are open to relocating for a new job – are basically stuck where they are if they are unable or unwilling to sell their homes without incurring a significant loss. … The inability of job seekers to relocate will become a major obstacle to sustained job creation,” he said.

That lack of mobility could slow the recovery, Challenger said.

The median price of homes sold in September was $171,700, down 2.4 percent from September 2009, according to the National Association of Realtors.