March 19, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, ABoR and Unlock MLS CMO Kelea Youngblood joins Dr. Clare Losey to discuss the latest labor market statistics for the Austin area and analyzes the link between job growth and the housing market, specifically median sales prices and closed leases.   Dr. Losey highlights that Austin's job growth is surpassing national and Texas rates, though it has slowed compared to previous years, which may allow for earlier interest rate cuts by the Fed. Austin maintains a lower unemployment rate compared to the national average. She details job growth in specific cities within the Austin Metropolitan Statistical Area (MSA) since 2010, with significant growth in cities like Hutto, Georgetown, and especially Leander, which saw a 224% increase in job growth. However, Dr. Losey notes that there isn't a strong correlation between job growth in individual cities and changes in median sales prices, but there is a notable correlation with the increase in closed leases, particularly in cities further from downtown Austin that offer more affordable housing. Toward the end of the podcast, they discuss the implications of these statistics for real estate professionals. There has been a substantial increase in new listings and a modest increase in closed sales, with notable growth in the affordable and luxury home segments. This indicates a busy spring selling season, especially for first-time and entry-level homebuyers. They encourage real estate agents to be proactive in their client outreach.  Links Mentioned: February 2024 Central Texas Market Report - https://www.abor.com/marketstatistics   FREE ABJ Subscription - https://www.abor.com/abj 2023 ABoR Industry Awards Fire & Ice Gala - May 10, Tickets on sale NOW! https://www.abor.com/celebrate   Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732  YouTube: https://www.youtube.com/playlist?list=PLzH_caxJ3VPq5iExWilqZOahnREgSFgqC   Download the Audio Transcript + Episode Summary: https://www.abor.com/content/uploads/2024/03/DIH-3-19-24.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].