July 30, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Knapp and Deputy Director of Government Affairs, Taylor Smith, discuss the current real estate market dynamics in the Austin area, focusing on seller expectations, new home construction, and leasing trends. Sellers are holding onto significant home equity gains, with prices up 30-40% compared to 2019. However, there is a reluctance to adjust prices in line with buyer affordability, despite market data suggesting flat sales and a close-to-original list price ratio hovering around 94-96%. Dr. Knapp emphasizes the importance of sellers being realistic about pricing to align with current market conditions.   The conversation also touches on the increased housing supply, with active listings at a 13-year high and a surge in multifamily unit construction. Dr. Knapp highlights the growth in single-family rental demand, noting that even with expected slight declines in mortgage rates, the rental market remains strong. Key areas of new home construction are identified, particularly in Northwest Austin along Ronald Reagan Boulevard and the southern regions around San Marcos, Buda, and Kyle. These areas are experiencing significant growth due to large-scale builders, while the City of Austin sees more custom builds.   The episode concludes with a discussion about the upcoming 2024 ABoR Diversity Summit on August 15. The summit will focus on fair housing and diversity in the real estate industry, featuring a keynote speech from Alexia Smokler, NAR's Director of Fair Housing Policy and Programs, and a panel discussion with Dr. Valencia, the City of Austin's City Demographer. This event aims to help REALTORS® navigate the evolving industry and emphasize the importance of diversity in business practices – you won’t want to miss it!   Download an episode transcript: https://www.abor.com/content/uploads/2024/07/DIH-7-30-24.pdf   Links Mentioned 2024 ABoR Diversity Summit - https://www.abor.com/event-type/diversitysummit 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.abor.com/socials Connect with Dr. Clare Knapp on LinkedIn: https://www.linkedin.com/in/clare-losey  Have feedback? Email us at [email protected].