August 13, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Knapp and Emily Chenevert discuss the latest real estate market stats for Central Texas, focusing on the slight decline in overall closed sales, which were down by 3.5% in the MSA. A significant factor was the 12% decline in sales within Travis County, although outlying counties like Williamson, Hayes, Caldwell, and Bastrop saw an uptick in sales. Despite these declines, prices have remained relatively flat, with buyers' purchasing power holding steady due to minimal changes in mortgage rates.   Dr. Knapp highlights that more affordable homes, particularly those under $300,000, saw increased sales, especially in the outlying counties. Newer properties (built in 2020 or later) are also in higher demand, both in the resale and rental markets, as buyers and renters prefer homes that require less renovation. This trend is particularly evident in the northern and southern regions of Austin, where there is more activity in both sales and rentals compared to Travis County.   The podcast concludes by discussing the importance of pricing strategies in the current market, especially for sellers with higher-priced properties or luxury homes, where sales have slowed. Dr. Knapp advises agents to be more flexible with pricing to align with buyers' and renters' purchasing power and market conditions.   Links Mentioned July 2024 Central Texas Housing Report – July stats coming Wednesday, August 14! https://www.abor.com/marketstatistics Right Here, Right Now Resource Hub: https://www.abor.com/rightnow Download an episode transcript: https://www.abor.com/content/uploads/2024/08/DIH-8-13-24.pdf   Listen On: Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732 YouTube: https://www.youtube.com/playlist?list=PLzH_caxJ3VPq5iExWilqZOahnREgSFgqC  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].