January 17, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Losey and Emily Chenevert discuss the latest Consumer Price Index (CPI) report and its implications on the economy and inflation. Dr. Losey notes a slight increase in the CPI from November to December, with a rise from 3.1% to 3.4%, suggesting that reaching the desired 2% inflation rate might take longer than anticipated. She emphasizes that the Federal Reserve is looking for sustained decreases in inflation rather than a specific target before considering interest rate reductions.   The conversation shifts towards the housing market, with a focus on mortgage rates and their impact on consumer decisions. Dr. Losey advises agents and consumers to recognize the value in the current market, despite recent fluctuations in interest rates. She highlights that mortgage rates have decreased from their peak in the fall of the previous year, presenting opportunities for buyers and sellers. December's market statistics are analyzed, showing a stable median sales price, a 9% decrease in closed sales, and an increase in inventory, suggesting a modest performance for the market in 2023.   The podcast concludes with a discussion on leasing data. They report a strong week-over-week increase in closed sales and pending leases, but a decrease in closed leases, which is typical for the beginning of the month.    *Links mentioned in this episode:*  January 31 Annual Meeting https://www.abor.com/event-type/annual-meeting December 2023 Market Statshttps://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   *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/2024/01/DIH-1-17-24.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].