December 19, 2023 | Driving It Home with ABoR's Housing Economist

In this special-edition video episode of Driving It Home, Dr. Clare Losey and Emily Chenevert reflect on the past year, marked by economic volatility and a difficult mortgage rate environment. They discuss the fast rate hiking cycle, the most aggressive in four decades, which has led to a decline in affordability for homebuyers.   Despite the last rate hike in July, there is optimism for potential rate cuts in 2024. The conversation highlights the challenges faced by real estate agents and their clients navigating these changes, as well as the dichotomy between a slowing market and the persistent shortage of affordable housing, particularly in Austin.The year 2023 is characterized as a "perfect storm" with high mortgage rates, elevated home prices, and a rapid adjustment to post-pandemic conditions.    Dr. Losey notes the affordability constraints in Austin, where the housing shortage is particularly acute for first-time buyers. Despite the harsh economic climate, Dr. Losey and Emily are optimistic. Dr. Losey will be back on January 2 for the first episode of the new year to further discuss industry predictions ahead.   YouTube: https://www.youtube.com/@AustinBoardofREALTORS/podcasts Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732   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-12-19-23.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].