The percentage of unemployed managers and executives relocating for new positions fell to a record low in the third quarter due to a slightly improved job market and declining home values, according to a report by outplacement consulting company Challenger, Gray and Christmas Inc.

Only 6.9 percent of job seekers who found employment in the third quarter relocated, down from 13.4 percent in the third quarter of 2009. The relocation rate has been low for four consecutive quarters.

Though many areas have seen a slight improvement in the job market over the last year, a weak housing market may eventually stifle that, said John Challenger, the company’s CEO, in a press release.

“The job market is expected to continue to improve in 2011,” he said. “If it improves faster than the housing market, the inability of job seekers to relocate will become a major obstacle to sustained job creation.”

According to data from the Bureau of Labor Statistics, unemployment in 167 metropolitan areas have declined over the past 12 months. Labor Department statistics on Thursday showed claims for jobless benefits dropped to a three-month low last week.

“Right now, demand for new workers is not at a level that would force companies to bring in talent from outside their region,’ Challenger said. “However, as the local talent pool starts to become depleted as the economy improves, companies will be compelled to cast a wider recruiting net. Unfortunately, the immobility of the work force may mean that some employers will have to delay expansion plans, thus slowing the recovery.”