Realtor Magazine writes, "Pending home sales rose slightly in August as lower mortgage rates provided some motivation to prospective home buyers. But buyers continue to face challenges such as high home prices, and many may be holding out for even lower rates, surveys show.

The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—eked out a 0.6% increase in August. Contract signings, however, remain 3% lower than a year ago.

Still, last month’s “slight upward turn [in contract signings] reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August,” says NAR Chief Economist Lawrence Yun. “However, contract signs…

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Austinites love a cozy backyard where the green grass grows. Photo courtesy of J. Montgomery Designs, Inc.

CultureMap Austin writes, "Austin's tremendous growth over the years has brought a boom in residential development. There are beautiful homes to be found throughout the area, and Austin homeowners are among the best in the country at maintaining their curb appeal — or at least the most committed.

So says Thumbtack's 2024 list of the top 10 cities with the best curb appeal in the country, which ranks Austin No. 2 for the second consecutive year. The study was based on an analysis of curb appeal projects from August 2023 to August 2024, which was ranked by project frequency.

Maintaining beauty doesn't come cheap. Thumbtack, a home services website, found that Austinites should budget nearly $3,600 for their autumn outdoor projects – such as gutter…

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The Williamson County Commissioners Court has approved a development agreement for the 343-acre North Fork MUD, located between Hutto and Taylor. SCREENSHOT OF WILLIAMSON COUNTY DOCUMENTS

Austin Business Journal shares, "Hundreds of acres between Hutto and Taylor are newly primed for development. 

That's because Williamson County commissioners approved a development agreement for a 343-acre municipal utility district at their Sept. 24 meeting. Little is known about development plans for the district — known as North Fork MUD — but it could bring with it a huge influx of homes.

For example, a similarly sized development, Trinity Ranch in Elgin, will have more than 1,700 homes.

Plano-based GRBK Edgewood LLC is the project developer for the North Fork MUD, and its listed address in the development agreement matches that of Plano-based Green Brick Partners Inc. (NYSE: GRBK). Green Brick didn't immediately respond to requests for…

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ARNOLD WELLS/ABJ

Austin Business Journal reports, "Hutto’s wave of housing construction shows no sign of slowing, with two new projects in the works for the rapidly growing community northeast of Austin.

The two projects, discussed at a Hutto City Council meeting earlier this month, would add hundreds of housing units to the rural city, where the population has more than doubled over the past decade.

The first of the two projects, known as Meadowbrook, is being developed by Columnar Investments, said John Landwehr, Columnar’s Colorado and Texas executive director. Meadowbrook would rise on roughly 88 acres along Farm to Market 1660 on Hutto’s southeastern edge.

For now, plans for Meadowbrook call for around 325 to 370 attached and detached single-family…

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Business Insider writes, "After watching mortgage rates hit two-decade highs and inventory plummet last year, many hopeful homebuyers are eager to get off the sidelines and into a home.

Fortunately, housing market conditions have been getting slightly better, and they should ease somewhat throughout the rest of 2024 and beyond now that the Federal Reserve has started cutting rates. If you're planning to buy a house this year, here's what you need to know about housing market predictions in 2024, and how you can prepare.

Overview of the housing market

The average home value in the U.S. is $361,282, according to Zillow — up 2.9% year over year. Last month, average 30-year mortgage rates fell to 6.05%, down 40 basis points from the month before.…

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Rental homes in Tricon Bryson come in three- and four-bedroom floor plans. CHAD DAVIES

Austin Business Journal reports, "A new build-to-rent neighborhood is opening in one of the fastest-growing neighborhoods in Leander.

Tricon Residential Inc., part of Blackstone Real Estate’s portfolio, is opening Tricon Bryson — a build-to-rent neighborhood consisting of 155 single-family homes — within Leander's wider Bryson development, according to an announcement. The new neighborhood will add to the region’s rental housing supply in Leander, where the U.S. Census Bureau estimates the population has more than tripled since 2010.

“There’s a tremendous need for more housing overall, and every day it’s harder and harder to get a new neighborhood approved and permitted and ready to go, whether for rent or for sale,” said Andy Carmody, senior…

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Realtor Magazine writes, "Prospective home buyers may be enticed to move forward on a home purchase as mortgage rates fall. The 30-year fixed-rate mortgage averaged 6.09% this week, down more than 150 basis points from earlier this year.

“Mortgage rates continued declining towards the 6% mark, reviving purchase and refinance demand for many consumers,” says Sam Khater, Freddie Mac’s chief economist.

Mortgage rates have been closely watched this week after the Federal Reserve’s announcement on Wednesday that it's cutting its short-term benchmark rate. “While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market,” Khater says. “Declining mortgage rates over…

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315 Congress Ave., which could be rezoned to allow for a taller building. DAVE CREANEY

Austin Business Journal shares, "A new tower could be on tap for South Congress Avenue if a zoning change is approved Sept. 26 by the City Council. 

The tower — on a roughly 1-acre tract at 311-315 S. Congress Ave., which is just south of the old Austin American-Statesman building — would contain 488 residential units, 30,000 square feet of office space and 7,500 square feet for "ground floor pedestrian-oriented uses," according to city documents. 

The location is not within the planned unit development for the former Statesman site that is the subject of a lawsuit, although it is nearby.

The potential new zoning on the tract would allow for construction of a building up to 480 feet tall, or almost 50 stories. Currently, the site is the…

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A plurality of homes sold in August within the Central Austin market were worth $1 million or more (Courtesy Austin Board of Realtors)

Community Impact Austin shares, "in August, homes sat on the market for more days in Central Austin compared to year over year, according to data from the Austin Board of Realtors.

The details

Only two ZIP codes out of 12 in Central Austin saw a decrease in the amount of days spent on the market. ZIP code 78731 saw an increase of about 162%.

Out of 12 ZIP codes, seven saw decreases in the amount of homes sold year over year.

Decreases in home prices year over year have been seen across eight ZIP codes in Central Austin.

A plurality of homes sold in August within the Central Austin market were worth $1 million or more."


Source: Community Impact

Written by: Elle Bent

Published: September 16, 2024


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Realtor Magazine reports, "Borrowing costs fell ahead of the Federal Reserve’s anticipated rate cut next week. But economists say home buyers may not want to wait to see if rates go lower.

The 30-year fixed-rate mortgage fell to 6.2% this week, down significantly compared to a year ago when they surged above 7%. But some prospective home buyers are holding out for even lower rates in anticipation of the Federal Reserve’s meeting next week, where it’s expected to cut short-term interest rates.

Still, home buyers may be getting their hopes up too much: “Even with the September expected rate cut [by the Fed], mortgage interest rates are not likely to move as this cut has been baked into the mortgage market,” says Jessica Lautz, deputy chief…

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