April 30, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving at Home, ABoR & Unlock MLS Housing Economist Dr. Clare Knapp (formerly Dr. Clare Losey!) and ABoR & Unlock MLS CMO Kelea Youngblood delve into the March employment statistics for Austin, noting a slowdown in the labor market since mid-2023. With job growth now around 2.4%, down from previous levels of 3-5%, the discussion attributes this to both market normalization and the impact of increased borrowing costs and inflation. Despite the dip, attention is drawn to sectors such as mining, logging, construction, education, health services, and other services, which continue to exhibit growth, albeit at a slower pace.   The conversation shifts to the implications of higher mortgage rates, highlighting the shift towards the rental market, particularly for first-time buyers who are priced out of homeownership due to elevated borrowing costs. Dr. Knapp emphasizes the significance of the for-rent market for households earning less than $110,000 per year, illustrating a notable preference for rentals over purchases in the current economic landscape. This trend underscores the challenges faced by aspiring homeowners and the importance of monitoring market dynamics.   Looking ahead, Dr. Knapp provides insights into the upcoming April market statistics, projecting steady trends in closed sales and a modest increase in median sales prices, mirroring patterns observed in previous months. The discussion concludes with anticipation for the 2023 Industry Awards Fire and Ice Gala on May 10 and a reminder to stay tuned for the next market stats release.    2023 Industry Awards Fire & Ice Gala - May 10 - https://www.abor.com/celebrate March Housing Market Report Coming Soon! https://www.abor.com/marketstatistics Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732  YouTube: https://www.youtube.com/playlist?list=PLzH_caxJ3VPq5iExWilqZOahnREgSFgqC   Download the Audio Transcript + Episode Summary: https://www.abor.com/content/uploads/2024/03/DIH-3-26-24.pdf Connect with us on socials: https://www.abor.com/socials  Connect with Dr. Clare Knapp on LinkedIn: https://www.linkedin.com/in/clare-losey   Have feedback? Email us at [email protected].