February 21, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Losey and Danielle Hammett discuss the Central Texas economy and housing market, focusing on January 2024 numbers. Sales increased by 4% year over year, driven by a decline in mortgage rates in the previous months. Despite a 4% decrease in the median sales price, the total sales dollar volume remained relatively unchanged. New listings also increased, indicating sellers' response to the improved market conditions. However, the months of inventory remained below healthy levels, suggesting ongoing high demand for homes.    Dr. Losey also delves into the impact of rising inflation, with a 3.1% year-over-year increase in the Consumer Price Index (CPI) for January. While inflation is still above the Federal Reserve's 2% target, the figures exceeded expectations, leading to an increase in the 10-year treasury yield. This suggests a potential delay in rate cuts, keeping mortgage rates higher for a longer period.    The podcast concludes with a mention of upcoming reports to watch, including January jobs data, the producer price index, and indicators of construction activity, all crucial factors for understanding the evolving housing market. They end the episode highlighting positive trends in Central Texas housing, such as increased sales and new listings, but also address challenges like rising inflation and its potential impact on mortgage rates.    Links mentioned in this episode: January 2024 Market Statistics - https://www.abor.com/marketstatistics  Upcoming Market Data Labs w/ Dr. Losey - https://www.abor.com/take-a-class  Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732    Download the Audio Transcript + Episode Summary: https://www.abor.com/content/uploads/2024/02/DIH-2-21-24.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].