Luxe Austin Homes

"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…

222 Views, 0 Comments

"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…

311 Views, 0 Comments

"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…

330 Views, 0 Comments

"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…

269 Views, 0 Comments

"Why reducing the minimum lot size for single-family homes could create a more attainable Austin"

Austin Business Journal writes, "Austin has a housing crisis with a lack of housing considered affordable to the majority of its residents. Professionals including teachers, EMS workers, firefighters and recent college graduates are being priced out of the communities they serve. Increasing mortgage rates, elevated home prices and limited inventory of affordable homes are some of the barriers to homeownership in Austin, particularly for would-be first-time buyers. To afford a $540,000 home, Austin’s median sales price in 2023, a household must make $180,000. This makes it extremely difficult for many to purchase a home here, driving them out of Austin and into the suburbs. The bottom line is that homeownership is unaffordable and unattainable to many…

294 Views, 0 Comments

"Austin home prices rise, but so do choices for buyers"

Austin Business Journal writes, "As spring rolls on, Austin’s housing inventory continues to grow.

April saw an increase in active and new home listings in the region, as well as pending and closed sales, according to the most recent market data from Unlock MLS published on the Austin Board of Realtors' website.

Unfortunately for home buyers, the median sales price of a home in the metro also creeped up in an already-pricey environment due to elevated interest rates. Still, the increase in inventory has resulted in an uptick in the number of home for sale at many price points, even those priced more affordably.

“The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers,” stated Clare Losey, Unlock MLS…

281 Views, 0 Comments

"Room to grow: Why Austin needs more homes"

Austin Business Journal shares, "It’s no secret that the Austin region has flourished over the past two decades, producing one of the greatest economic development success stories of the past half-century. Texas has consistently been named one of the best states to do business – with Austin helping to lead the way – and three of the top four fastest-growing cities in the country are located in Central Texas. Austin’s economy consistently outperforms national averages except for one glaring exception – housing.*

Austin desperately needs more housing. Our housing market’s severe undersupply of homes, specifically for low- and middle-income buyers, is a challenge our city must overcome not just for our regional economy, but for the people who live and…

227 Views, 0 Comments

"Is Austin’s hot housing market flipping in favor of buyers?"

Yahoo Finance writes, "The frenzied homebuying days in Austin, Texas, that saw some buyers offer six figures over asking price are gone.

The Texas capital, where the average home price soared by $170,000 during the COVID pandemic, is now seeing major price corrections: The median price per square foot is down 9.5% from its pandemic peak two years ago, according to Realtor.com. As of April, the median list price stood at $557,000.

Austin’s real estate boom was driven by a sudden influx of workers, who were newly remote and suddenly more mobile thanks to early COVID office closures. They encountered a waning supply of inventory, and home prices subsequently spiked, dealing a blow to the city’s affordability.

However, as mortgage rates increase,…

266 Views, 0 Comments

"Hill Country town welcomes peach season with fruity festival and rodeo"

CultureMap Austin writes, "Peach season has begun in Texas. Get ready to start seeing the fuzzy little fruits at farmers markets and on seasonal menus. Austinites who just can't get enough of the sweet stone fruit can take about an hour's drive out to Stonewall, Texas, for the 63rd annual Peach Jamboree and Rodeo from June 21-22.

Things actually kick off on June 20; The first day eases folks into the festivities with a slack rodeo (i.e. unofficial events that spilled over from a very full rodeo schedule) at 8 pm and live music by dance hall band Wagon Aces at 10 pm.

The official rodeo starts the next day at 6 pm, with mutton bustin' — children riding sheep as an adult would ride a bull — and an introduction to contestants vying for the title of…

300 Views, 0 Comments

"Triada gets green light for master-planned community near Elgin"

Austin Business Journal shares, "A real estate developer has secured approval to build a 272-acre master-planned community near Elgin called Triada, potentially bringing 875 homes to the area as well as a park and sports complex.

Pflugerville-based Qualico Communities — a subsidiary of Canada's Qualico — on May 7 won approval from the Elgin City Council for a slew of agreements to help with the project north of U.S. Highway 290 and west of County Line Road northeast of Austin.

Representatives of the company said in a May 8 announcement that the development will offer a range of housing options, along with a 6-acre amenity center with a fitness facility, resort-style pool, playscape, shade structure and two pickleball courts. It also will have 55…

260 Views, 0 Comments