If you live in Austin this won’t surprise you, but this article appeared today in RISMedia. It’s more than two years old but apparently is still in demand by readers, and in my estimation still accurate at least as far as Austin is concerned:
The fact that this has been a large part of Austin’s growth for several years is also a large part for the imbalance we’ve seen in the supply of homes for sale versus the demand for more. Moreover, the lifestyle and home preferences of many millenials influences what kind of home they’re looking for and where they want to live. The tension between single family home owners and millenials’ desire to live a more “lock and go” life closer to the central city is a driving force in the ongoing debate over a new land development code for Austin.
I have also told you that the pace of year-over-year home price growth has slowed and “days to sell” has grown in some market segments, but that I expect strong market conditions to continue for at least another year or two. (And I don’t see a sharp market correction even then unless events elsewhere cause significant changes.) These recent articles support that outlook:
I remain bullish on Austin despite our growth-driven issues — housing supply, housing affordability, and transportation and mobility concerns at the top of the list. This is still a great city, and I would much rather be working through those problems than with stagnation and shrinking demand and population.