Found 62 blog entries tagged as affordability.

Foreign homebuyers purchased $42 billion in U.S. residential properties between April 2023 and March 2024, according to the National Association of Realtors. GRACE CARY | GETTY IMAGES

Austin Business Journal reports, "International buyers bought fewer U.S. homes in the past year but are paying more for residential real estate than ever before.

Foreign homebuyers purchased $42 billion in U.S. residential properties between April 2023 and March 2024, a 21.2% decline from the prior 12-month period, according to the National Association of Realtors. The approximately 54,300 existing homes sold to international buyers marks the lowest 12-month total on record since the NAR began tracking such transactions in 2009.

At the same time, both the average and median home-purchase prices paid by foreign buyers — $783,300 and $475,000, respectively — were the highest ever recorded by NAR.

International or foreign homebuyers as tracked…

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(Photo by Geno Barasa)

Bay News 9 shares, "A few Texas cities and the South in general were heavily featured in the best places for renters to live in a new report.

RentCafe, an apartment listing service that conducts research on the real estate market, posted its annual rankings of the best cities for renters earlier this month. Its rankings were determined by looking at 20 different metrics in three categories–cost of living and housing, the local economy and quality of life. 

While Charleston, South Carolina, took the top spot for the second year in a row, three Texas cities ranked in the top 10. 

McKinney, a city in the Dallas-Fort Worth area, came in at No. 4 on the list because of its “lower-than-average cost of living, high-end apartments in top locations…

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The latest report from Unlock MLS and the Austin Board of Realtors looked into June data and year-to-date data from the first half of 2024. Photo by J King on Unsplash

CultureMap Austin reports, "The latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR) has revealed that June saw a significant increase in the number of active home listings in the Austin metro area — continuing on a three-month high that began in April — and median sale prices are dropping to accommodate the rise in inventory.

New in the June report, Unlock MLS refers to the Central Texas region as the Austin-Round Rock-San Marcos metropolitan statistical area (MSA), whereas it was previously identified as the Austin-Round Rock-Georgetown MSA.

The data shows there was a 13.4 percent drop in home sales across the Austin-Round Rock-San Marcos MSA, with only 2,732 homes sold in June for a median price of $450,000. There…

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Nearly all of the counties analyzed recently by Attom Data Solutions had homes on the market last quarter that were less affordable than their historical averages. STUDIOGSTOCK VIA GETTY IMAGES

Austin Business Journal reports, "Homes across America remained unaffordable for many prospective buyers in the second quarter, with single-family home and condo prices less affordable during that three-month period compared to historical averages in 99% of the nation's counties.

That's according to a recent analysis by Attom Data Solutions LLC, which looked at housing data from U.S. counties with a population of at least 100,000 and that had at least 50 single-family home and condo sales in the second quarter.

The analysis also found that expenses for existing homeowners on median-priced homes are on the rise. Those costs consumed 35.1% of the average national wage in the second quarter, a high point since 2007 and meaningfully higher than the…

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San Antonio, Texas, USA skyline. (SeanPavonePhoto via Getty Images)

Yahoo! Finance writes, "Real estate prices surged nationwide when the pandemic hit. Bidding wars, all-cash offers, and contingency removals became commonplace.

Now, the tide has turned in some markets.

Home prices in some large US cities declined in April, according to mortgage data company ICE Mortgage (ICE). San Antonio and Austin in Texas, and Tampa, Florida — among the most popular cities during the pandemic — saw the biggest monthly price declines.

The shift comes as these markets recalibrate: Homesellers and house builders are adding more listings, just as fewer Americans are relocating there.

“The key differentiator we're seeing in terms of growing inventory levels in Florida and Texas is a rise in sellers' willingness to list their…

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Austin Business Journal shares, "The Austin-area housing market has reached a stalemate between buyers and sellers — and that's allowing much-needed inventory to catch up and prices to hold steady.

A few years ago it was common for some parts of Central Texas to have a week or two of housing stock. Home inventory in May was clocked at 4.9 months — 1.5 months more than a year ago. It's a level of inventory that hasn’t been seen in 13 years, according to the Unlock MLS report on the Austin Board of Realtors website. Housing experts often say six months of inventory is representative of a healthy market.

“The good news is that we are moving toward a more sustainable level of inventory, which will provide price stability for sellers and more choices for…

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Hoodline Austin writes, "As rents across Austin experience an unexpected dip, the city is witnessing a shift, where rent decreases have ushered in a slowed momentum for new apartment constructions, revealed data from Realtor.com and insights from local experts. Rents in Austin have seen a near 10% reduction from May 2023 to May 2024, with average rent for small to medium apartments at $1,400, while the national median stood at $1,700, as noted by KVUE.

After a substantial uptick in rental prices, due in part to an influx of residents and low pandemic-era interest rates, construction boomed, yet this surge is tapering off as building costs increase alongside interest rates and market profitability becomes less certain, a situation underscored by a…

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A key housing metric just hit its lowest point in more than a decade. SIRAANAMWONG VIA GETTY IMAGES

Austin Business Journal writes, "The Fannie Mae Home Purchase Sentiment — a gauge of how good buyers feel about the housing market — fell to its lowest number since the agency began measuring it in 2010.

In May, just 14% of consumers surveyed by the agency said it was a good time to buy a home, down from 20% in April. Those who said it was a bad time to buy increased to 86%. 

Even seller optimism slipped, dropping from 67% who believed it was a good time to sell in April to 64% in May. The growing pessimism comes even as about 20% of those surveyed said their household income was higher than it was a year ago. 

The declining sentiments are yet another factor weighing on the housing market, which is fueling an affordability crisis in many…

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From left, Heather Donahue, Jeremy Striffler, Hannah Rangel and moderator Stacy Armijo discussed affordable housing solutions in downtown Austin, Austin ISD and the surrounding communities during the Central Texas Affordability Summit. (Brittany Anderson/Community Impact)

Community Impact Austin shares, "Area leaders are continuing to look for creative ways to increase housing supply and create sustainable housing options in Austin, such as changing development codes and spearheading efforts to grow the local workforce.

Amplify Credit Union hosted its second annual Central Texas Affordability Summit on May 23 with Amplify members; Mayor Kirk Watson; and a panel featuring Heather Donahue of MOD Architecture and Design; Jeremy Striffler, director of real estate and asset management at Austin ISD; and Hannah Rangel of the Downtown Austin Alliance.

The gist

Watson said the city has undertaken a number of initiatives to address its housing supply and affordability. In December, City Council approved the first phase of the Home…

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The U.S. cities with median home values above $1 million in 2024 has skyrocketed since the Covid-19 pandemic. ISTOCK/PICTAC

Austin Business Journal writes, "Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.

The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).

The typical home value on Jupiter Island reached $9.98 million in February 2024, according to Zillow, beating out the exclusive neighborhoods of Golden Beach, Florida; Hunts Point, Washington; and Atherton, California.

While certain cities and neighborhoods have always seen…

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