Community Impact reports, "the average days spent on the market for Southwest Austin and Dripping Springs homes saw significant increases in September 2024 compared to September 2023 in all but three of the market’s eight ZIP codes, according to data from the Austin Board of Realtors.

The details

In the 78736 ZIP code, the average time spent on the market soared by over 200%. Slight decreases were seen year over year in the 78737, 78748 and 78749 ZIP codes.

Median home prices saw slight decreases from September 2023 to September 2024 in all but the 78735 and 78745 ZIP codes, which saw increases.

The year-over-year change in number of homes sold varied by each ZIP code, with 78739 seeing an increase in 90% and 78745 seeing a decrease of over…

58 Views, 0 Comments

Realtor.com reports, "the number of homes for sale for each renter household in the U.S. remains near record lows, highlighting the supply crunch that first-time buyers face in the current housing market.

Currently, there are about 30 renter households for each available home for sale, up from less than 10 in 2006, according to Freddie Mac’s latest market outlook report.

The supply shortage dates back to the Great Recession, which dealt a major blow to new home construction. Since then, construction has slowly increased, but failed to keep pace with demand, resulting in a shortage of at least 1.5 million homes.

“Therefore, not only do people seeking to buy their first home have to navigate an expensive market, but they also have to compete…

63 Views, 0 Comments

An architectural rendering offers a glimpse of what the gatehouse will look like at the Travis Club community. HAAS & HAYNIE CORP., CASTLE HILL PARTNERS INC.

Austin Business Journal shares, "About 50 more homesites are available in one of Austin’s most expansive luxury housing developments along the shores of Lake Travis.

Travis Club, which has generated more than $100 million in homesite sales, now has 48 more homesites on offer, representing the second phase of the sprawling project, according to an announcement from its developers. Infrastructure construction for the first phase of the 1,500-acre site, co-developed by California-based real estate developer Haas & Haynie Corp. and Austin-based real estate investment firm Castle Hill Partners Inc., is already underway.

Travis Club, located near Briarcliff west of Austin, will have 700 homesites once complete, along with an 18-hole golf course and…

56 Views, 0 Comments

Average new home prices are falling in Austin, according to the report. Photo courtesy of Realtor.com

CultureMap Austin writes, "new analysis of the statewide real estate market has revealed new home sales in Texas have slowed since September, despite a drop in average prices, and inventory is on the rise.

The September edition of the New Home Sales Report by Dallas-based platform HomesUSA.com examined MLS data across Dallas-Fort Worth, Houston, Austin, and San Antonio to determine the status of the overall real estate market.

The report found that the three-month average number of new home sales fell across all four major metros in September. Austin saw the smallest decline in home sales, down by just seven sales to 864 in September.

Out of all four markets, San Antonio saw the most dramatic decline in sales with 1,067 new homes sold in…

50 Views, 0 Comments

Realtor Magazine writes, "Home buyers may finally be finding more inventory options this fall, but they’re still being cautious about entering the real estate market, the National Association of REALTORS® reported Wednesday.

“Home sales have been essentially stuck at around a 4-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” says NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”

Total existing-home sales—which reflects completed…

48 Views, 0 Comments

Realtor.com shares, "mortgage rates climbed from 6.44% last week to 6.54% for a 30-year fixed home loan for the week ending Oct. 24, according to Freddie Mac.

“The continued strength in the economy drove mortgage rates higher once again this week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy.”

Unfortunately for would-be homebuyers—and sellers—this uptick marks the fourth week in a row that mortgage rates have risen.

“This rapid run-up in mortgage rates has sapped some of the burgeoning…

61 Views, 0 Comments

Austin Business Journal writes, "The Federal Reserve may have cut interest rates last month, but homebuyers still face a challenge when assessing the current market for real estate: home prices.

Prices were up 5.9% in the third quarter this year over the same three-month period in 2023, according to data from Fannie Mae. While that increase is down from a 6.4% spike in the second quarter, it’s still a substantial jump for buyers who are looking for a home.

Mark Palim, Fannie Mae senior vice president and chief economist, said the “robust” growth is because of a lack of supply. Many current owners don’t want to sell their homes and give up the low interest rate they obtained earlier only to step into a high-interest rate environment.

“Even though…

60 Views, 0 Comments

Realtor.com writes, "homebuyers might be relieved to hear that down payments are finally dropping from recent historic highs.

A new report by Realtor.com® shows that the median down payment homebuyers plunked down from July to September of 2024 was an average of 14.5%—or $30,300.

That’s a $2,400 savings from last quarter’s historic peak of $32,700 (14.9%).

So why are down payments dropping? Fewer homebuyers are out there, which gives those who do brave today’s market more leverage, according to Realtor.com senior economic research analyst Hannah Jones.

“The annual decline in down payments is the result of less buyer competition in the third quarter,” Jones says. “Easing demand and increasing inventory gave buyers more flexibility last…

60 Views, 0 Comments

Austin Business Journal writes, "It will take time and it won't help everywhere, but a new zoning designation should boost the supply of housing in Austin.

That's the view of a number of developers when it comes to the so-called Density Bonus 90, or DB90, zoning program approved by the City Council in February. Residential buildings on properties with the new zoning can be up to 90 feet high — 30 feet higher than otherwise allowed — and have ground floor commercial uses, provided certain percentages of the residential units are priced at levels deemed affordable.

“It's unlocking additional properties that couldn't previously achieve the necessary density,” said Chris Affinito a managing partner at Notional Development Partners, a firm that…

56 Views, 0 Comments


Austin Business Journal writes, "The Dallas-based developer behind Sixth and Guadalupe and Waterline, the current and future tallest buildings in Austin, announced on Oct. 17 that the company has broken ground on an 894,000-square-foot industrial development near Kyle.

Lincoln Property Co. and joint venture partner Goldman Sachs said in an announcement that CTX 110 – formerly known as Waterstone – is expected to be finished during the fourth quarter of next year. It's located on 47 acres off of I-35 at 14031 Farm to Market Road 110, about 25 miles south of downtown Austin.

The San Marcos City Council last month voted to terminate a municipal utility district consent agreement for the property, remove the land from a development agreement and…

74 Views, 0 Comments