November 14, 2023 | Driving It Home with ABoR's Housing Economist

In this week’s Driving It Home episode, Dr. Clare Losey provides a summary of what happened in the market for October. Dr. Losey notes a decrease in median sales prices both year-over-year and month-over-month, while closed sales have increased, suggesting buyers are still active in the market, but sellers must adjust pricing expectations. Despite recent declines, prices remain significantly higher than in previous years, indicating a still-elevated market.   Dr. Losey highlights that the total dollar volume of sales is relatively stable, with only a slight year-over-year decrease. Active listings have increased by approximately 5%. They delve into the bigger picture of the 2023 housing market, emphasizing the impact of mortgage rates from previous months on current sales and the resilience of buyers despite rising rates. There has been some moderation in the decline of median sales prices as the year has progressed, and inventory remains low compared to demand.   Finally, the conversation shifts to ABoR's ongoing research, including the recently released part two of the Truth About Austin’s Missing Housing report on the housing shortage in Austin and Travis County, broken down by council districts and racial/ethnic groups. The report shows a significant shortage of affordable homes, particularly affecting Black and Hispanic/Latino households. Dr. Losey suggests that REALTORS® use these findings to educate clients about homeownership challenges and to advocate for policies promoting affordable housing. The episode concludes with a weekly housing market recap, noting a dip in closed sales and a rise in closed leases, indicating a shift toward renting amid increasing mortgage rates.   Links Mentioned in this Episode:   October 2023 Central Texas Housing Market Report https://www.abor.com/marketstatistics The Truth About Austin’s Missing Housing Part One https://www.abor.com/research The Truth About Austin’s Missing Housing Part Two – District Level Analysis https://www.abor.com/thetruth   The Driving It Home is now an official podcast, and you can now tune in via ALL major podcasting platforms! Summary + Transcript: https://www.abor.com/content/uploads/2023/11/DIH-11-13-23.pdf