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.

 

 

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