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Oops! Home Prices Didn’t Crash After All During the fourthquarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts: Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business: “I expect housing prices fall 10% to 15%, … Continue reading
Real estate markets across Texas moved toward balance in the 1st quarter of 2023. Here’s how the Austin metro compares to the state overall. Continue reading
The Two Big Issues the Housing Market’s Facing Right Now The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply: “Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.” … Continue reading
Rising mortgage interest rates have had a meaningful impact on real estate markets across the country. Consesus forecasts indicate some rate reductions later in 2023: Mortgage Rate Projections As you’ll see in my next post, this could allow some relief for the other issue that is holding market back right now — significant housing supply … Continue reading
Media worries about a crisis in real estate, a la 2008, are very unlikely in our market. As a barometer of media health, this look at home foreclosures then and now is cause fo optimism. Continue reading
Home price escalation in the Austin metro area during the pandemic was unprecedented. Here are the details since 2011, with shocking figures from the past three years! Continue reading
As the Austin-area real estate market adjusts to higher interest rates, reduced demand, and still less-than-normal housing inventories, some recent home buyers will find that they have lost equity, but the outlook remains positive for the region and for most property owners. Continue reading
2022 was a transitional year in Austin-area residential real estate. The adjustment toward “normal” will likely continue for much of 2023, and will remain somewhat unpredictable. This look back at market details is important as we consider what to expect this year. Continue reading
Much of 2022 was a market in transition, and that will continue into 2023. Listing inventory remains higher than most of the past five years, but the outlook for the Austin market remains optimistic. Continue reading
Bill Morris on Austin Real Estate 