Takeaways from Economic Forecast

I had the opportunity to attend a 2023 Economic Forecast by 360 Real Estate Analytics on Thursday. I thought it would be helpful to summarize some of the highlights:

1. New home builder traffic and sales increased in early January. 
2. A number of buyers feel that they have “found the bottom” on pricing. 
3. Builders have better control of pricing now that supply chain issues have stabilized; construction costs are coming down. That allows builders to return to the “to be built” sales model. 
4. Austin’s relocation buyers will be fewer than in the past two years. 
5. Price reductions are driving buyers back into the market. 
6. Spring will tell us a lot about the rest of 2023.

Generally speaking, it appears that buyers are slowly entering the market. Lower prices are offsetting higher interest rates and buyers who have had their lives on hold are feeling confident enough to jump back in. It’s likely that this year will be marked by cautious optimism. We’ll see sales, just at a slower pace.

If you want to know more about the Economic Forecast or have questions about navigating today’s market, call Courtney 512-809-5495