Luxe Austin Homes - May, 2024

"Affluent House Hunters in Austin, Texas, Are Finding an Opportunity—and ‘Even a Deal’"

Mansion Global writes, "Once the poster child for the pandemic housing boom, Austin, Texas, is seeing some of the nation’s steepest price declines for luxury homes, coupled with a growing supply of listings.

Luxury house hunters are now facing less competition and far more choice than even a year ago, marking an opportunity to buy before demand overwhelms supply again. There were 20% more luxury listings on the market in the greater metro area in the first quarter than a year ago, according to data from Realtor.com, which defines luxury as the top 10% of the market by listing price. 

“I have not seen this much great inventory in Austin in a long time, even since before the pandemic,” said luxury real estate agent Kumara Wilcoxon of Kuper…

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"UT Austin planning 'Texas-sized party' for first-ever SEC event"

KVUE AUSTIN, Texas — "It's almost time, Longhorn fans! The University of Texas at Austin is just about a month away from leaving the Big 12 behind and joining the Southeastern Conference (SEC).

To celebrate, UT and Texas Athletics have planned a free, all-day event on Sunday, June 30, from 1 to 10 p.m. across the Forty Acres. 

"UT's move to the Southeastern Conference is an extraordinary moment for Texas Athletics, Longhorn Nation and our entire University. It is only fitting that we celebrate this occasion with a Texas-sized party on the Forty Acres, open to all," UT President Jay Hartzell said.

The "SEC Celebration" will include interactive games and activities starting at 2 p.m., including a Ferris wheel, a giant slide and more.…

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"Georgetown is fastest-growing city of its size for third-straight year"

Austin Business Journal writes, "For the third-straight year, Georgetown is the fastest-growing city of at least 50,000 people by percent change, according to an analysis of data from the U.S. Census Bureau. Other Austin-area cities weren't far behind.

Georgetown's population reached 96,312 last year, according to newly released city-level data for the 12-month period spanning July 2022 to July 2023. That represents a gain of roughly 9,250 people from the year before — the eighth most in the country among cities of any size based on numeric gains.

An analysis of the data also shows that the city north of Austin grew 10.6% year-over-year, making it the fastest-growing city of at least 50,000 people. Kyle, south of Austin, ranked No. 2 with a 9%…

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"The 'lock-in' effect is hitting homebuyers. It may get worse."

Austin Business Journal shares, "Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.

The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.

The pessimism around mortgage rates comes as the Federal Reserve has held off on cutting interest rates after spending much of 2022 raising them to curb inflation. Some officials have said the likelihood of the Fed raising rates again is low, and the housing industry is holding its breath on what future…

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"Austin is back on the rise in latest 'best places to live' ranking"

Austin Business Journal shares, "Austin is back in the top 10 on a highly regarded list it once dominated: U.S. News & World Report's analysis of the 150 "best places to live." It was in a bit of a freefall on the list since 2020.

The leap to No. 9 this year from No. 40 in 2023 stems partly from new methodology in how the list is prepared. The ranking this year focused solely on cities, whereas entire metro areas were ranked in previous years — a change that resulted in significant churn throughout the list.

In addition, strength of local job markets weighed more heavily this year than last year. The ranking compares cities on a variety of factors — such as job market, quality of life and value, which includes housing affordability — but they're…

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"Home sales up in Northwest Austin in April"

Community Impact Austin writes, "The real estate market for the North-Northwest Austin area experienced more home sales in April year over year, according to data from the Austin Board of Realtors.

Zooming in

For the first time since January, the 78729 ZIP code saw a positive percentage increase in home sales year over year. Meanwhile, home sales in the 78750 ZIP code have consistently seen at least double-digit percentage growth year over year since February.

The only ZIP code in the area that experienced a percentage decrease in the number of homes sold year over year in April was 78758, although the number of homes still increased month over month, going from 26 in March to 28 in April.

Although growth was nearly unanimous across the…

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"US rental market continues to cool as record amount of new supply delivers"

Austin Business Journal writes, "The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.

Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022.

And while most rental markets similarly have come off an August or September 2022 peak, a few locations are bucking the trend — including Indianapolis, Milwaukee and Minneapolis, which all experienced record-high rents in April, Realtor.com found.

Danielle Hale, chief…

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"Are investors re-entering the housing market after two-year retreat?"

Austin Business Journal writes, "Investors could be launching a bit of a comeback in the U.S. housing market — although the reversal of fortunes comes amid a strategy shift for many investors in the face of low inventory.

Purchases by investors grew 0.5% on a year-over-year basis in Q1, according to analysis by Redfin Corp. (Nasdaq: RDFN). Redfin defines an investor as any buyer whose name includes LLC, Inc., Trust, Corp. or Homes, or any buyer whose ownership code on a purchasing deed includes association, corporate trustee, company, joint venture or corporate trust.

Despite the increase, investors have yet to return to their pandemic-era levels of purchasing frenzy — and they aren't likely to with interest rates remaining elevated, a lack of…

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"Home sales are up in Austin thanks to stabilizing housing prices, new real estate report says"

CultureMap Austin writes, "Austin-Round Rock-Georgetown experienced its highest year-over-year increase in home sales this past April, illustrating a growing optimism in the metro area's housing market. That's according to the latest real estate report from Unlock MLS and the Austin Board of Realtor (ABoR).

More than 2,700 homes were sold in April across the Austin-Round Rock-Georgetown MSA, which is a 5.9 percent increase from this time last year. Median prices landed at just under $470,000 in a 1.1 percent increase year-over-year. There were 10,808 active home listings on the market, which is nearly a 32 percent jump from April 2023.

"Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more…

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"Retailers are flocking to this Hill Country city — here's why"

Austin Business Journal writes, "While working on the future $130 million Shops at Flatrock Crossing development, Bobby Johnson heard a common refrain from retailers he was trying to court to Marble Falls over the last two years: they wanted to be in the fast-growing area northwest of Austin, but didn't have anywhere to go.

That's why he views it as validating that the project — which was officially announced earlier this month and is expected to bring more than 300,000 square feet of retail and restaurant space to Marble Falls next year — has already secured a tenant lineup that includes Academy Sports + Outdoors, T.J. Maxx and Michael's Stores, with other big names on the way.

"Markets like Marble Falls are the growth direction for a lot of…

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