Homebuying for first-time or lower-income buyers could improve next year and apartment construction will likely moderate in Texas, according to an economist with Federal Reserve Bank of Dallas.

The market for single-family housing in Texas lost momentum this year because of record-high prices and low inventory for single-family homes, said Dallas Fed economist Laila Assanie in a recent paper titled, “Single-Family Housing Squeeze Eases in Texas; Multifamily Soars.” This squeeze in inventory led to a decline in affordability, she wrote.

Assanie said that next year improved access to credit and an expanding supply of new homes for first-time buyers will be essential for the state’s housing market to strengthen in 2015. She said buildes have moved away from building entry-level homes in favor of higher-priced products.

She said new guidelines from Fannie Mae and Freddie Mac that took effect on Dec. 1 revised lending standards, including the elimination of a requirement that a borrower put 20 percent down. Assanie said these new rules should motivate lenders.

“This will allow low- and moderate-income borrowers greater access to credit, speeding up the review process and stimulating the housing industry,” Assanie writes.

She said some Texas builders are offering higher-density products such as townhomes and patio homes for first-time buyers.

Assanie said the multifamily market will likely moderate and occupancy levels and rent growth will cool as units under construction are completed. She said, however, that those occupancy and rental rates will stay above the long-term average next year because of a declining home ownership rate and diminished housing affordability.