Luxe Austin Homes - homebuyers

"Growing number of seven-figure cities have typical home values above $1M"

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…

588 Views, 0 Comments

"Affluent House Hunters in Austin, Texas, Are Finding an Opportunity—and ‘Even a Deal’"

Mansion Global writes, "Once the poster child for the pandemic housing boom, Austin, Texas, is seeing some of the nation’s steepest price declines for luxury homes, coupled with a growing supply of listings.

Luxury house hunters are now facing less competition and far more choice than even a year ago, marking an opportunity to buy before demand overwhelms supply again. There were 20% more luxury listings on the market in the greater metro area in the first quarter than a year ago, according to data from Realtor.com, which defines luxury as the top 10% of the market by listing price. 

“I have not seen this much great inventory in Austin in a long time, even since before the pandemic,” said luxury real estate agent Kumara Wilcoxon of Kuper…

660 Views, 0 Comments

"The 'lock-in' effect is hitting homebuyers. It may get worse."

Austin Business Journal shares, "Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.

The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.

The pessimism around mortgage rates comes as the Federal Reserve has held off on cutting interest rates after spending much of 2022 raising them to curb inflation. Some officials have said the likelihood of the Fed raising rates again is low, and the housing industry is holding its breath on what future…

445 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…

518 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…

448 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…

438 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,…

397 Views, 0 Comments

"Home prices have reached a milestone. Here's why it's a double-edged sword."

Austin Business Journal shares, "The median sale price for U.S. homes hit a record $383,725 during the four weeks ending April 21, up more than 5% from a year earlier, according to newly available data from real estate firm Redfin Corp.

The increase comes even as the supply of homes also has gone up, with 10.2% more new listings compared to the same time last year.

The record-high sale price is double what the median price was 10 years ago and up about 50% over the past five years, according to Redfin (Nasdaq: RDFN).

High interest rates have kept mortgage rates above 7%, and there's little indication from the Federal Reserve that interest rates will be measurably declining in the near term. That combination has helped push the median monthly…

463 Views, 0 Comments

"Home Prices Soared Higher in February, Despite Increasing Mortgage Rates"

Realtor.com reports, "Home prices continue to march higher this year, despite pressure from increasing mortgage rates.

National home prices rose 6.4% annually in February, according to data from the S&P CoreLogic Case-Shiller Home Price Index released Tuesday. That was the largest year-over-year rise since November 2022.

Among the 20 cities tracked, San Diego had the highest year-over-year price jump in February, at 11.4%, followed by Chicago and Detroit, both with increases of 8.9%.

The report tracks single-family home prices across December, January, and February, when mortgage rates dipped to 6.6%. More recently, average rates for 30-year fixed mortgages jumped to 7.17% for the week ending April 25, according to Freddie Mac.

In a note,…

453 Views, 0 Comments

"New-Home Sales Surge as Buyers Seek Options in Tight Housing Market"

Realtor.com reports, "New-home sales surged last month, as buyers increasingly turned to fresh construction in a housing market plagued by few homes for sale.

Sales of new single-family houses jumped 8.8% in March from the prior month, to a seasonally adjusted annual rate of 693,000, the U.S. Census Bureau and Department of Housing and Urban Development jointly reported on Tuesday. March sales were up 8.3% from one year ago and were at their highest levels since last September.

The median sales price of new homes was $430,700 in March. That was good news for buyers as the price was down 1.8% from one year ago. This is a result of homebuilders increasingly pivoting to smaller and more affordable homes to appeal to buyers pinched by high mortgage…

371 Views, 0 Comments