December 12, 2023 | Driving It Home with ABoR's Housing Economist

In this episode of Driving at Home, Dr. Clare Losey and Emily Chenevert discuss the local job market in Austin, with a focus on a recent jobs report. Dr. Losey notes a year-over-year job growth of approximately 3%, indicating a resilient labor market, albeit with growth rates lower than previous months. She explains that the market is stabilizing post-pandemic and is no longer in a recovery phase, which had previously led to exorbitant job growth. In the discussion on sector-specific growth, Dr. Losey mentions an 8% increase in mining, logging, and construction, with a significant portion related to construction and housing, particularly single-family homes. Despite a deceleration in the multifamily sector due to tighter access to capital, construction is still robust. They also touch on the slowdown in manufacturing and information sectors, attributing it to tech firms struggling with access to capital. Despite the national tech industry's larger losses, Austin's information sector has largely maintained its status quo. Towards the end of the podcast, the conversation shifts to real estate, with a focus on sales and pricing. Year-over-year sales were flat, with a modest increase of 0.2%, reflecting the impact of higher mortgage rates. The median sales price saw a year-over-year decrease of 8.4%, influenced by a higher inventory allowing buyers to be more selective and necessitating sellers to be more accommodating with pricing. Dr. Losey and Emily conclude by discussing the importance of understanding sellers' motivations and the challenges in pricing accurately during rapidly changing market conditions. They also preview upcoming statistics and suggest that agents use the quieter end-of-year period for business planning for the next year. *Links mentioned in this episode:* November 2023 Central Texas Housing Market Report https://www.abor.com/marketstatistics YouTube: https://www.youtube.com/@AustinBoardofREALTORS/podcasts Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732 Spotify: https://open.spotify.com/show/6tho6pfh24XSHozFFKEIpX *Don't forget* to access your *FREE* Austin Business Journal subscription! Tap into this benefit exclusive for ABoR members and use it as a resource for lead generation and market insights. Download the Audio Transcript + Episode Summary: https://www.abor.com/content/uploads/2023/12/DIH-12-12-23-1.pdf Connect with us on socials: https://www.abor.com/socials Connect with Dr. Clare Losey on LinkedIn: https://www.linkedin.com/in/clare-losey Have feedback? Email us at [email protected].