December 23, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Knapp and Kelea Youngblood wrap up 2024 with a comprehensive overview of the Austin housing market, described as a "steady" year. Dr. Clare Knapp highlights key trends, including a modest decline in home sales and prices by less than 2% year over year. Elevated mortgage rates and persistent high home prices were major themes, with sellers still benefiting from substantial home equity gains—over 40% in median sales prices from 2019 to 2024. This steady market performance reflects broader economic influences, including the Federal Reserve's rate policies, which significantly shaped buyer and seller behaviors.   First-time homebuyers experienced improved opportunities in 2024 due to increased inventory, particularly among lower-priced homes in areas like Hayes and Williamson counties. These trends reflect a market shift where sellers adjusted expectations and more affordable options became available. Mortgage rates remained a critical factor, with fluctuations throughout the year ultimately settling higher than anticipated, prompting many buyers to accept the new norm of elevated rates. These dynamics enabled more first-time buyers to enter the market, contributing to a stronger performance for this group compared to previous years.   The podcast concludes with a focus on long-term home price appreciation, emphasizing Austin's strong historical growth and its position as a leader among Texas metros. The hosts encourage agents to highlight these trends to clients, underscoring the wealth-building potential of homeownership. Looking ahead, they tease a forthcoming episode on 2025 market expectations and promote the transition to their new website, UnlockMLS.com, as a hub for housing market insights and resources.   Links Mentioned UnlockMLS.com   Download an episode transcript: https://abor.me/DIH-12-23-24   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.unlockmls.com/socials Connect with Dr. Clare Knapp on LinkedIn: https://www.linkedin.com/in/clare-losey    Have feedback? Email us at [email protected].