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"Housing inventory, listings increase in Austin metro as mortgage rates remain elevated"

Austin Business Journal reports, "Mortgage rates remain elevated compared to recent years, but Austin-area homebuyers have a robust inventory of choices, according to the latest market data from the Austin Board of Realtors and Unlock MLS.

The median sale price for homes fell slightly in October to $430,000, a 3.2% drop from the same time last year. And with a housing inventory that eclipsed the five-month mark, buyers had plenty of options.

Meanwhile, overall transaction volume remained flat year-over-year, as both active and new listings increased compared to October 2023.

But elevated mortgage rates — the average 30-year fixed-rate mortgage was 6.79% for the week of Nov. 7 — continue to be the biggest factor affecting home sales, said…

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"Austin metro's hottest housing markets ranked"

Austin Business Journal shares, "Neighborhoods on the shores of Lake Travis, in Round Rock and in Driftwood are among the hottest housing markets in the Austin area.

That's according to The Business Journals' inaugural hottest housing markets ranking, which is based on third-quarter listing and sales data from Intercontinental Exchange Inc.

The ranking is intended to emphasize sales and pricing momentum in individual ZIP codes, using a weighted formula that includes quarterly and year-over-year comparisons. Only ZIP codes with complete data were included in the analysis. You can read more about the methodology at the bottom of this story.

Using those criteria, Austin’s 78726 ZIP code was found to have the most momentum in the metro. Located…

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"Landsea Homes opts for larger digs in Austin as its local pipeline grows"

Austin Business Journal reports, "As Austin’s housing inventory continues to grow, a Dallas-based homebuilder with a national footprint is increasing its presence in the Texas capital.

Landsea Homes Corp. (Nasdaq: LSEA) signed an 8,000-square-foot lease for an office at North Austin’s Stonebridge Plaza, according to an announcement. The company will leave its current office at 4001 W. Parmer Lane, which is roughly 4,500 square feet, when the new office opens in early 2025.

“Landsea Homes has been expanding rapidly in the Austin area over the last year and we have quickly outgrown our current office space,” said Jill Wasik, Landsea’s director of sales and marketing for its Austin division, in a statement. “Stonebridge Plaza is centrally located,…

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"United Properties opens its first two apartment developments in Austin"

Austin Business Journal reports, "Minneapolis-based United Properties LLC has opened its first two Austin-area multifamily properties, and it has plans for more.

The pair of projects, located in South Austin, add hundreds of apartments to the city. Victor Young, senior vice president of Austin commercial development at United Properties, said the company has additional multifamily developments in its pipeline but nothing to announce yet.

The first of the two projects is Bishop Momo, located at 4341 S. Congress Ave. in the St. Elmo District. Bishop Momo is a 274-unit property with one- and two-bedroom apartments, according to an announcement. Overall, the property is 256,510 square feet.

Apartments at Bishop Momo are leased primarily at market…

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"Southwest Austin, Dripping Springs homes spent more time on market in September year over year"

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…

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"Lots for sale in second phase of luxury Lake Travis community called Travis Club"

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…

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"Texas new home sales slowed in September, prices dropped in Austin"

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…

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"Mortgage rates finally fell, but homebuyers still face a big problem"

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…

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"New city zoning program that uses density as carrot to encourage affordable housing proving popular so far"

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…

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"Downtown Austin skyscraper builder breaks ground on big industrial park near Kyle"

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…

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