The NAR's chief economist made an insightful point: "We've added 30 million people to the U.S. population over the past ten years, but sales are where they were in 2000, so there appears to be a sizable pent-up demand that could come to the market once the economy gathers momentum." Other analysts commented that "decade low mortgage rates and near record highs in affordability should help stabilize sales in the near term, however it will take meaningful improvement in the labor market to drive housing going forward."
Even here in Austin sold properties in the Multiple Listing Service for our area shows that activity is lowest for the past 10 years for the months July through September. I also believe there is a great deal of pent up demand but I don't think low mortgage rates will be enticing people out. Until we see consecutive months of positive employment numbers like we saw in October, I don't think people will be leaving their leases to buy a house. Better employment figures and low mortgage rates, that's what I want to see.
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