January 9, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Losey and Emily Chenevert discuss the labor market outlook for 2024. Dr. Losey suggests that although the labor market is expected to cool down, this is not necessarily a negative development, as it could help alleviate some inflationary pressures. The cooling refers not to job losses but to a slower pace of hiring, which could result in a less competitive job market. They note that the Austin labor market reflects a similar trend, with unemployment at a historic low and job growth easing compared to the recovery highs post COVID-19.   They also touch on the concern of wage growth in Austin not keeping up with the housing costs, which poses challenges for affordability and accessibility. However, they highlight that the deceleration in home price increases may offset slower wage growth. The conversation then shifts to week-over-week market stats, where closed sales dropped significantly, which Dr. Losey attributes to the timing of the holiday season rather than an overall trend.   Finally, Dr. Losey and Emily Chenevert end the podcast with a reminder for listeners to stay tuned for future statistics and a deeper dive into Austin's residential real estate expected at the January 31 Annual Meeting. They also mention the resumption of school for Austin ISD, hinting at a return to normalcy and possibly more activity in the housing market, alongside a joke about the lighter traffic enjoyed during school holidays.   *Links mentioned in this episode:*  January 31 Annual Meeting https://www.abor.com/event-type/annual-meeting   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-1-9-24.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].