November 12, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Housing Economist Dr. Clare Knapp and Deputy Director of Communications Danielle Hammett, discuss the October housing market data for Central Texas. Dr. Knapp reveals that closed sales and median sales prices are relatively flat on a year-over-year basis, with only a slight decrease in both metrics. She notes a peak in active listings, suggesting inventory may slow down as the year ends. This trend, combined with the typical seasonality of fewer home sales in winter, indicates a balanced market with around six months of inventory, offering opportunities for both buyers and sellers.   The conversation also covers mortgage rates, which dropped significantly from May to September but rose again in October, affecting buyer behavior. Dr. Knapp explains that pending sales increased in September due to the anticipation of rate cuts but cautions that buyers expecting further declines may be disappointed. She advises that mortgage rates are likely to stay around 6.5% for the foreseeable future, so buyers and sellers should adjust expectations accordingly. Sellers, in particular, may need to be more flexible with pricing as the market slows in the coming months.   The episode highlights ABoR's new data analytics platform, UnlockStats, Unlock MLS subscriber’s newest benefit, which streamlines housing data for real estate professionals. Dr. Knapp encourages listeners to attend upcoming events, such as the Nov. 19 Market Data Lab and UnlockStats Lab, where members can ask questions, gain insights into the latest market trends, and stick around to learn how to better use UnlockStats.   Links Mentioned Nov. 19 | Market Data Lab & UnlockStats Lab - https://www.abor.com/course-type/market-data-labs Coming Nov. 13 | October Central Texas Housing Report - https://www.abor.com/marketstatistics Nov. 21 | MLS Power Hour - https://www.abor.com/event/mls-power-hour-3 UnlockStats - https://www.abor.com/unlockstats Download an episode transcript: https://www.abor.com/content/uploads/2024/11/DIH-11-12-24.pdf 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].