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"15 Austin ZIP codes now dominated by renters not homeowners"

Austin Business Journal writes, "if you live in either the 78727 or 78744 ZIP code, odds are you’re renting.

That's according to an Oct. 24 study from RentCafe, which found that from 2010 to 2020, those two ZIPs transitioned from having a majority of homeowners to a majority of renters. There are now 15 ZIP codes in the Austin area with renting majorities, signifying how the evolution of Austin into a big city is changing its economic makeup.

North Austin’s 78727, which eats up a large part of town north of The Domain neighborhood, had a population consisting of about 51% renters in 2020. Its 2020 renter population of 16,285 was a 21% jump from the 13,413 who called the ZIP code home in 2011, RentCafe found. The rental search platform used data…

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"Mortgage Bankers Expect Rates To Drop to 5.4% in 2023. Here’s What That Means for Home Prices."

Realtor.com reports, "high mortgage rates and recession fears are hurting home prices, so expect growth to be flat this year, one expert says.

“Our forecast is for home-price growth moderation to continue,” Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association, said Sunday during the organization’s annual conference in Nashville, Tenn.

Home prices have already begun moderating. According to Case-Shiller, home prices fell month-over-month from June to July for the first time in 20 years. The latest numbers, which will be for August, will be reported on Tuesday morning.

With a recession likely in the cards, on top of mortgage rates near or above 7%, “we’ve already seen a pretty dramatic pullback in housing…

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"Austin's economy among fastest-growing in the U.S., new report finds"

Austin American-Statesman writes, "Austin's boom is far from over, as a new report says the metro area has the second-fastest-growing economy in the country.

Austin's estimated regional gross domestic product — the total value of goods and services produced in one year — increased by 4.3% this year, second only to San Francisco's growth at 4.8%, according to the Kenan Institute of Private Enterprise at the University of North Carolina.

The report is the institute's first as a part of its American Growth Project, which aims to provide "up-to-the-minute" economic data for the microeconomies of towns, cities and counties across the country.

Hoping to help government officials and community leaders understand real-time industry trends, forecasts…

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"Austin homebuyers regain power as active listings reach decade-plus high"

Austin Business Journal reports, "there's more evidence that Austin's housing market is correcting itself after years of overheating.

The Austin Board of Realtors'latest housing market datafound that September saw 9,671 active listings on the market — the most since 9,909 in July 2011 — and total inventory hit 3.1 months for the first time since July 2017. Median home sales prices also dropped more than $25,000 from August, helping the city push back on what's widely considered the biggest threat to the economy: affordability.

Though 3.1 months of inventory isn’t enough to transform Austin into a buyer’s market, there are winds of change.

“Homebuyers have not had this much leverage and this many options in over a decade,” ABOR President Cord…

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"In September, the Austin area saw the highest number of active home listings since 2011"

KVUE AUSTIN, Texas — "Prospective homebuyers can start breathing a little easier, according to new data from the Austin Board of Realtors (ABoR).

ABoR reports that, in September, home sales declined 18.5% to 2,992 closed listings as active listings were up 162.4% to 9,671 listings. That's the highest number of active listings in the area since July 2011, according to ABoR.

"Homebuyers have not had this much leverage and this many options in over a decade," said Cord Shiflet, 2022 ABoR president. "We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central…

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"This Fall’s Latest Housing Stats Are Hiding a Surprising Upside for Homebuyers"

Realtor.com writes that, "Although the fall season is traditionally the best time of year to buy a house, homebuyers out there right now might not feel that way—and for good reason.

We looked at the latest real estate statistics in our column “How’s the Housing Market This Week?” We found that this year’s seasonal high point for buyers is up against some strong headwinds—including skyrocketing interest rates, soaring inflation, and overall economic volatility not seen since the Great Recession in 2008.

“Early fall is usually the best time to buy,” says Realtor.com® economist Jiayi Xu in her analysis, adding that the most optimal window of opportunity for homebuyers nationwide just passed last week.

However, she continues, “as inflation…

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"How High Can Mortgage Rates Possibly Go?"

Realtor.com writes, "higher mortgage interest rates have taken a battering ram to the housing market.

Since the start of the year, mortgage rates have more than doubled. They’ve blown past all expectations, nationally exceeding 7% by some estimates. The possibility that rates could continue to rise has struck fear into the hearts—and bank accounts—of many stressed-out homebuyers.

The simple, and dispiriting, math: Every time they tick up, fewer buyers can qualify for loans—and those that do often can afford to buy only much cheaper homes.

So how high could rates go? The answer depends largely on how the economy fares. If inflation persists, the U.S. Federal Reserve will keep raising its own interest rates and mortgage rates will likely follow…

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"Buyer Bargains: Here Are the 10 U.S. Cities Where Home Prices Are Dropping the Most Right Now"

According to realtor.com, "The inconceivable is happening. After two-plus years of unimaginable and seemingly inexorable growth, home prices are falling from their heady peaks over the summer.

The reason: Higher mortgage interest rates have thinned out the ranks of buyers who can still qualify for a home loan and sharply reduced the price of the homes the remaining few in the market can afford. Gone are most of the frenzied bidding wars and six-figure offers over the asking prices. Homes are now sitting on the market longer, inventory is piling up, and sellers—at least in some markets—are cutting prices.

Ironically enough, they tend to be the areas that fully dominated the real estate market during the COVID-19 pandemic, with big influxes of new…

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"New ultra-luxury neighborhood claws its way into affluent Austin suburb"

According to Culturemap Austin,  "A neighborhood of six multimillion-dollar, high-end homes has emerged in the wealthy Austin suburb of West Lake Hills.

The new 12-acre development, called the Wildcat Club, features six homes on 1- to 4-acre lots with prices starting at $11.75 million. One of the homes (a 9,500-square-foot residence with interiors designed by Fern Santini) already has been sold, and two of the homes are now on the market.

Most of the homes can be customized based on a buyer’s preferences. Amenities include a lounge and wine room, media room, home office, pool, spa, gym, gourmet kitchen, outdoor kitchen, and butler’s pantry. Floor plans range from 5,750 square feet to 9,500 square feet.

Austin-based Foursquare Builders is…

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"Austin housing market continues to stabilize, fueled by skyrocketing inventory and 'normal' price growth"

According to CultureMap Austin, "For the third month in a row, the Austin Board of Realtors reports that the local housing market is returning to normal. Following the unprecedented price growth experienced in early 2022, the market is shifting back to a normal pace, fueled by skyrocketing inventory and normalized home price appreciation.

The latest monthly report shows that in August 2022, the metro's median home price jumped 5.5 percent year over year, to $496,038. While a record high for the month of August, ABOR says the growth "[indicates] a normalization of home price appreciation that economists say is consistent with historical norms."

In the city of Austin, the median price grew 3.6 percent year over year to $555,000; Travis County's…

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