October 24, 2023 | Driving It Home with ABoR's Housing Economist

In this episode, ABoR CMO Kelea Youngblood and Dr. Clare Losey dive into recent market statistics. They highlight that closed sales have surged by almost 20%, and leases have seen a 10% increase. Even with the present higher mortgage rates, hovering in the low 7% range, the real estate market demonstrates remarkable resilience. The data, when compared year-over-year, suggests steady sales and pricing trends, despite the uptick in mortgage rates. To navigate the elevated rates, buyers are potentially exploring innovative financial strategies, including down payment assistance programs. It is anticipated that these high rates will remain, with potential easing anticipated in the early months of 2024. Kelea and Dr. Losey also looked at employment growth in the Austin Round Rock and Georgetown Metropolitan Statistical Area (MSA). In September, the MSA reported an impressive employment growth rate of 3.3%, outperforming both Texas at 3.2% and the U.S. at 2.1%. A closer look at the sectors revealed that leisure and hospitality led the way with a 7.1% growth, followed closely by mining, logging, and construction at 6.5%. However, the information sector faced a downturn, attributed to the broader challenges impacting the tech industry. Austin's consistent lead in employment growth can be traced back to the diversity and robustness of its employment sectors. Be on the lookout for the release of the 2023 International Homebuyers Report later this week! It will be posted online at https://www.abor.com/internationalreport, so don’t forget to bookmark that link! Links mentioned in this episode: September 2023 Market Statistics: https://www.abor.com/marketstatistics 2023 Central Texas International Homebuyers Report (Coming Soon!) https://www.abor.com/internationalreport Download the Audio Transcript + Episode Summary: https://www.abor.com/content/uploads/... Connect with us on socials: https://www.abor.com/socials Connect with Dr. Clare Losey on LinkedIn:   / clare-losey   Feedback? Email us at [email protected].