Yesterday Dr. Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, spoke at the Austin Board of REALTORS® this, the ninth consecutive year, that it appears the Austin metro area market for residential real estate will set records for sale and sale prices. I have reported much of that data elsewhere, but I want to add Dr. Gaines' perspective:
He projects that our region's economic growth will slow this year to 2.3% from 3.3% last year, and he noted some headwinds that could cool home-buying demand somewhat: "... limited housing inventories, higher prices, stock market volatility and concerns about the economy."
At 121 months we are in the longest economic expansion in U.S. history, but Dr. Gaines did not predict when the next recession will come. For now, continued expansion, and growth in the Austin area, is expected.