Found 160 blog entries tagged as demand.

Plans to develop a huge residential and commercial hub on the southeastern edge of Austin have taken another step toward.

With little discussion, the city's Zoning and Platting Commission on Aug. 16 unanimously approved a preliminary plan for the first phase of construction for the planned community on 1,400 acres near Pearce and Wolf lanes. That is in the unincorporated community of Del Valle, east of Circuit of The Americas race track and south of Tesla's new gigafactory.

Houston-based real estate developer Hines purchased the land earlier this year with the intention to create Mirador, a master-planned community that includes 2,500 single-family lots and 75 acres of commercial space.

The project also includes 50 acres of multifamily homes…

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Even before the lockdowns were eased, white-collar professionals who saw their jobs go remote were ditching their apartments in places like Seattle and New York City for homes in markets like Austin, Boise, and Las Vegas. That rush of homebuyer activity, of course, saw home prices absolutely skyrocket in those markets. In Las Vegas alone, the Pandemic Housing Boom pushed home prices up 49%.

That boom is over now.

Across the country, housing markets are cooling down. Home sales are falling. Multiple offers are drying up. Homebuilders are scaling back and offering buyer incentives. But every aspect of the cooldown is more intense in markets like Boise and Austin. Simply put: Pandemic boomtowns are getting hit the hardest by the Pandemic Housing…

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Just a few months ago, builders couldn’t put homes up fast enough to appease the hordes of eager buyers. They boasted about lengthy waitlists, even holding lotteries to choose those lucky enough to purchase their newly constructed homes.

Those days are now over as the housing market corrects after two years of runaway prices.

Buyers are now canceling orders and extracting themselves from waitlists as higher mortgage rates have pushed their dreams of owning new construction beyond their financial reach. Sales are down.

Builders are responding by throwing out incentives, like spaghetti against a wall, to see which ones attract buyers. Some have begun cutting prices, and the majority are slowing down the pace of construction—despite the nation’s…

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After U.S. inflation cooled more than expected last month, you may be wondering whether or not the housing market is cooling off. The answer is yes — but with an asterisk.

The median sale price for a home in June 2022 was $428,400, an 11.2% increase since the same time last year. Even though this is a double-digit increase in prices, it’s also the smallest year-over-year increase “in nearly two years,” Redfin market analyst Tim Ellis says.

Data indicates that while U.S. home prices decreased 0.4% from June to July, other factors are still impacting home affordability. Even though home prices remain high, Ellis says the market is balancing out due to a variety of factors, including higher mortgage rates and decreased demand.

Redfin data shows…

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The real estate market seems to have a split personality.

On the positive side for homebuyers, the number of properties for sale shot up by a record-setting 30.7% this July compared with the same month last year, according to a recent Realtor.com® report. That’s the most significant increase in active listings in the data’s history. And in another hopeful sign for buyers, the share of homes seeing their prices slashed—19.1%—hit a record not seen since 2019.

Yet on the flip side, the $449,000 median list price of homes is a 16.6% increase compared with last year. And the average time a home spends on the market before it sells remains significantly lower (a mere 35 days) than in pre-pandemic times.

So how does a savvy homebuyer make sense of…

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Homebuilders across the U.S. are shifting their strategies and financial outlooks amid changing consumer demand for housing.

But where the jury is still out is whether the trend toward elevated canceled contracts, more incentives and lower demand for housing is settling out to pre-pandemic levels — when demand for homes was still higher than historic norms — or will continue to worsen.

The nation's publicly traded homebuilders, in earnings calls reporting their most recent quarter's financial performance, are seeing similar trends and patterns across their portfolios as the housing market shifts amid higher interest rates and fears of a recession. The three-month period that ended in June is the first full quarter that illustrates how…

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As new residents continue to flood in, Austin, Dallas-Fort Worth, and Houston now have the highest apartment demand in the nation.

The largest Texas metros took the top three spots in a ranking of the increase in apartments needed to meet projected demand by 2035 in a study commissioned by the National Apartment Association and the National Multifamily Housing Council.

The study calculated the needed percentage growth in local rental stock as well as the absolute number of new apartments necessary to meet demand over the next 13 years. The combined weighted average ranked the Texas metros highest in projected rise in demand, according to the Austin Business Journal.

With a 2.6 percent growth rate and 117,107 new apartments needed to meet…

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Despite an interest-rate hike of three-quarters of a percent by the Federal Reserve on Wednesday, and additional increases likely still to come, some housing economists aren't expecting another big surge in mortgage rates now or in the coming months.

A recent slowdown observed in the U.S. housing market has largely stemmed from the sudden jump in mortgage rates felt in late spring and early summer, in line with the Fed's decision to move up interest rates in an ongoing effort to combat inflation.

Existing-home sales declined for the fifth straight month in June, down 5.4% from May and 14.2% from the prior year, according to the National Association of Realtors. Unsold inventory was at three months' supply nationally in June, up from 2.6…

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New housing market data showing increased inventory and decreased residential home sales points toward a slowing housing market for the Austin-Round Rock Metropolitan Statistical Area.

The deceleration is bringing the Austin area housing market back "to pre-COVID normalcy," according to the Austin Board of REALTORS (ABoR).

“These numbers are a breath of fresh air for a housing market that has been holding its breath,” ABoR president Cord Shiflet said in a statement. “The trajectory of our market over the last two years was unsustainable and it was in no way going to last. The resurgence of activity after the COVID-19 pandemic, historically low interest rates and massive job growth created record-high housing demand in our market."

…

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We all know buying and building homes in the Austin area is expensive. Austin is outpacing other Texas cities when it comes to development fees for builders, and home prices have skyrocketed.

A recent study by Florida Atlantic University ranked Austin as the second-most overvalued housing market in the country. But is that true? Ashley Jackson, president-elect of the Austin Board of Realtors (ABoR), joined KVUE Midday to dig deeper.

Jenni Lee: According to Florida Atlantic University, buyers in Austin pay just a little bit more, but 67% more than they should. So, demand for new and existing homes is there, but there's not enough supply. Is the Austin housing market overvalued?

Ashley Jackson: "No, I do not believe the Austin…

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