Your Weekly Pulse on the Housing Market

With no shortage of opinions about the market, it's important you have an in-house expert who can cut through the noise and give an accurate perspective of our region's housing market and economy.

That's why we created Driving it Home, a weekly housing market update with ABoR & Unlock MLS Housing Economist Dr. Clare Knapp.

Every Tuesday morning, we'll release an interview with Dr. Knapp explaining the week's need-to-know trends. You'll be caught up on the market before you finish your morning drive!

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April 30, 2024

Episode Summary

In this episode of Driving at Home, ABoR & Unlock MLS Housing Economist Dr. Clare Knapp (formerly Dr. Clare Losey!) and ABoR & Unlock MLS CMO Kelea Youngblood delve into the March employment statistics for Austin, noting a slowdown in the labor market since mid-2023. With job growth now around 2.4%, down from previous levels of 3-5%, the discussion attributes this to both market normalization and the impact of increased borrowing costs and inflation. Despite the dip, attention is drawn to sectors such as mining, logging, construction, education, health services, and other services, which continue to exhibit growth, albeit at a slower pace.

The conversation shifts to the implications of higher mortgage rates, highlighting the shift towards the rental market, particularly for first-time buyers who are priced out of homeownership due to elevated borrowing costs. Dr. Knapp emphasizes the significance of the for-rent market for households earning less than $110,000 per year, illustrating a notable preference for rentals over purchases in the current economic landscape. This trend underscores the challenges faced by aspiring homeowners and the importance of monitoring market dynamics.

Looking ahead, Dr. Knapp provides insights into the upcoming April market statistics, projecting steady trends in closed sales and a modest increase in median sales prices, mirroring patterns observed in previous months. The discussion concludes with anticipation for the 2023 Industry Awards Fire and Ice Gala on May 10 and a reminder to stay tuned for the next market stats release.

Download an episode transcript here.

Links Mentioned:
2023 ABoR Industry Awards Fire & Ice Gala - May 10, Ticket Sales end May 8

"Great to add this to my weekly news routine!"

- Jill Leberknight, eXp Realty
Clare Losey (square Crop Low Res)ABOUT DR. CLARE KNAPP

In her role as Housing Economist, Dr. Clare Knapp helps unpack complex data and keeps REALTORS® up to date on the latest trends in the Austin housing market and broader economy. She’s passionate about providing accurate, timely, and relevant analysis & commentary on the Austin economy and housing market that allows REALTORS® to better understand current conditions in the market and optimize their business practices accordingly.

Prior to joining ABoR, Clare worked at the Texas Real Estate Research Center at Texas A&M University for seven years as an Assistant Research Economist. In her role, she provided analysis and commentary on the Austin economy and housing market using econometric and statistical models. Very similar to her role here at ABoR, she conducted research and analysis on Texas housing markets and housing affordability for cities, communities, and nonprofit organizations across Texas.

Clare earned her Bachelor’s at the University of Texas Austin, her Master’s in Land Economics and Real Estate from Texas A&M University, and her Doctorate in Urban and Regional Sciences from Texas A&M University. And if that wasn’t enough, she served as the President of the Urban and Regional Sciences Student Organization during her time at Texas A&M!