HousingWire Daily Logan Mohtashami on the Austin housing market and home prices
Jun 24, 2024
Lead Analyst Logan Mohtashami discusses the Austin housing market, existing home sales, and home prices with Editor in Chief Sarah Wheeler. They analyze trends from a HousingWire survey, pending contract data, and the impact of interest rates on purchase applications. The podcast explores the impact of technology on the mortgage industry, long-term data trends predicting cooling home price growth, and compares Austin housing market dynamics to other Texas markets.
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Purchase Applications Lag Sales Data
- Purchase application data is a trend survey and filters into existing home sales with a lag of months.
- Weekly pending-contract trackers show demand stabilizing even when year-over-year purchase applications look weak.
Require Multiple Weeks To Confirm Demand
- Wait for sustained weekly trends before drawing conclusions; single weekly prints are unreliable.
- Seek seven to eight consecutive positive weeks in purchase applications to confirm stabilizing demand.
Low Comps Inflate Recent Price Gains
- Year-over-year median price gains can overstate current strength because of low prior-year comps from last year.
- Price growth is cooling and tougher comps will make future year-over-year gains harder to achieve.