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

In this episode of Driving It Home, Unlock MLS Housing Economist Dr. Clare Knapp and ABoR & Unlock MLS CEO Emily Chenevert discuss the state of the Austin housing and leasing markets as 2024 comes to a close. They begin by reminding listeners of the upcoming holiday season and the importance of completing their Code of Ethics by the Dec. 31 deadline. As they delve into market dynamics, they highlight how recent election outcomes may offer stability but also acknowledge ongoing uncertainties in the real estate landscape. Dr. Knapp explains the trends in Austin’s leasing market, which had a strong performance in previous years but began to shift in mid-2024 with an increase in active listings. This rise in inventory led to a slight decrease in rental rates, providing more options for renters. They also note that some sellers, unable to meet their desired sale prices, have pivoted to renting their properties, adding to the leasing market supply. This shift has created a dynamic where sellers may adjust expectations or return to the for-sale market, depending on rental market performance. The discussion then moves to the for-sale market, where despite volatile interest rates, the Austin market remains relatively stable, with sales and median prices essentially flat year over year. Dr. Knapp highlights the affordability challenges, especially for first-time buyers, given the gap between household incomes and rising home prices. Emily emphasizes the importance of using data effectively to set realistic expectations for clients and introduces UnlockStats, a new data analytics tool Unlock MLS Subscribers. This platform will allow agents to analyze market trends more efficiently and better communicate insights to their clients. Attend the upcoming virtual MLS Power Hour all about UnlockStats this Thursday, Nov. 21 by registering below.   Links Mentioned Complete by Dec. 31| Code of Ethics https://www.abor.com/ethics UnlockStats | https://www.abor.com/unlockstats Nov. 21 | MLS Power Hour | https://www.abor.com/event/mls-power-hour-3 Presidential Elections & Austin's Housing Market: What to Expect | https://www.abor.com/content/uploads/2024/11/Presidential-Elections-and-Austin-Housing-Market.pdf   Download an episode transcript: https://www.abor.com/content/uploads/2024/11/DIH-11-19-24.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].