Texas Real Estate Forecast

TRERC economists considered and adopted principles to inform the forecasting process. Keeping these principles in mind shapes how forecasts are created, evaluated, and communicated. They include:

1. Real estate decision makers are the audience. These people have a financial stake in real estate markets. There are many decision makers including: financiers, developers, builders, households, business occupiers, and real-estate professionals who facilitate transactions.
   
2. Asset forecasts should address supply and demand, transaction volume and price.
3. Results should reference the prior year and provide quantitative estimates where feasible.
4. The forecast should use multiple methods integrating quantitative and qualitative approaches and be informed by professional judgment.Each forecast element is developed by multiple researchers and subjected to review by the entire team.
5. Plausible geopolitical and macroeconomic assumptions are the foundation of the forecasts.When consensus is impossible or uncertainty too high, alternative forecast scenarios should be developed.
6. The forecast process should be regularly evaluated. The projections should be updated periodically when new data becomes available.
7. The Center should include appraisal by,and recommendations from, outside reviewers.