Luxe Austin Homes - homebuyers

"New Home Sales Rise as Buyers Run Out of Options in the Resale Market"

Realtor.com shares, "The numbers: An ongoing and persistent lack of homes in the resale market is pushing more home buyers into new construction, which caused sales to surge for the second month in a row.

The strength in new home sales was also driven by a massive jump in sales in the south. Overall, new home sales are trending higher as buyers grapple with a low level of home listings in the existing home sales market.

U.S. new home sales rose 4.1% to an annual rate of 683,000 in April, from a revised 656,000 in the prior month, the Commerce Department reported Tuesday.

The number is seasonally adjusted, and refers to how many homes would be built over an entire year if builders continue at the same pace every month.

The jump exceeded…

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"Georgetown is the fastest-growing city in the U.S."

Austin Business Journals reports, "for the second year in a row, a city in Williamson County was estimated by the U.S. Census Bureau to be the fastest-growing city in the country. It was one of three Austin-area cities that ranked among the top four.

Georgetown reached a 2022 population estimate of 86,507. That's a 14.4% year-over-year increase, according to a May 18 release from the U.S. Census Bureau. That ranked just ahead of Santa Cruz, California (61,800, +12.5%), Kyle (57,470, +10.9%) and Leander (74,375, +10.9%) among cities with a population of at least 50,000 people.

"Job growth in Georgetown and across the Austin metro continues to bring new residents to our city," Georgetown Mayor Josh Schroeder said in a May 18 statement. "People are…

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"Mortgage Rates Just Edged Higher, but Homebuyers Aren’t Giving Up. Here’s Proof."

Realtor.com writes, "what a difference a year can make.

Today’s mortgage rates are more than 1 percentage point higher than a year ago. Plus, rates edged even further up this week, to 6.39% for a 30-year fixed-rate loan, compared with 6.35% a week earlier, according to Freddie Mac.

These stubbornly high interest rates, combined with headstrong home prices, have plunged the entire housing market into a strange sort of stalemate.

On the one hand, 82% of home sellers feel “locked in” by the low mortgage rates they’d secured years earlier. Meanwhile, cash-strapped homebuyers with few new listings to pique their interest feel locked out of the American dream.

Yet despite this unrelenting real estate limbo, there are small signs of life kicking…

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"Austin housing prices are down one year after setting spring records"

Austin Business Journal writes, "one year after setting a median sales price record of $550,000 last April, housing prices are down in the metro.

The median sales price in the Austin area was $466,705, a 15% year-over-year decrease that amounts to $83,295, according to the Austin Board of Realtors April market report. And while prices have been trending up in recent months, the year-over-year decrease is a welcome signal to Central Texas, which saw housing prices skyrocket at unsustainable rates during the Covid-19 pandemic to a level where many buyers were over-bidding on property. It wasn't uncommon for a $400,000 home to sell for closer to $500,000 in recent years.

“This is still a market that is seeing lots of activity, just not at a…

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"The Austin housing market is outperforming national trends, latest report shows"

CultureMap Austin shares, "housing inventory is on the rise, as is the number of days houses spend on the market, while prices are steadily falling. That spells another month of a balancing act in the Austin-Round Rock housing market, according to the latest report from the Austin Board of Realtors (ABoR).

“This is still a market that is seeing lots of activity, just not at a record-setting pace, and that is to be expected given broader economic trends,” said 2023 ABoR president Ashley Jackson. “Home prices are moderating, pending sales are holding strong, and homes on the market last month are selling closer to list price. These are all signs of a market that is still balancing and doing so in a healthy way.”

Housing inventory has continued to…

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"Down Payment Amounts Are Shrinking: Can Buyers Put Down Less and Still Compete?"

Realtor.com writes, "after a steady rise in buyers kicking in ever larger down payments in an attempt to win heated bidding wars over the past few years, down payments are now shifting—and shrinking.

The housing market is seeing an overall decline in down payments for the first time since the second quarter of 2020, according to a new report from Realtor.com®. Buyers likely don’t have that extra cash lying around as they face stubbornly high home prices, higher mortgage interest rates, and rising inflation. And many have already burned through the COVID-19 stimulus payments that helped millions of Americans save up.

The average down payment slipped to 13% in the first three months of this year, down from the peak of 14.1% in the second quarter…

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"‘There Is No National Housing Market’: Why Location Matters Now More Than Ever"

Realtor.com writes, "the longtime mantra of the real estate market, “location, location, location,” may never have been so true.

During the COVID-19 pandemic, a national frenzy seemed to permeate the housing market as buyers spent previously unimaginable sums on homes just about everywhere. The real estate market was fairly monolithic as the number of available homes dried up and prices shot up around the country.

However, what’s happening in the national housing market might no longer resemble what’s going on in local markets across the country. As mortgage interest rates have risen, some markets have slowed while others continue to speed up. Home prices may be falling in one city but accelerating in another. Bidding wars may be fierce in one…

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"Are bidding wars coming back to the housing market?"

Austin Business Journal shares, "although the spring 2023 housing market has little resemblance to the frenzied 2021 buying and selling season, there's evidence some markets and types of houses are starting to become more competitive, owing mostly to a lack of inventory.

Forty-eight percent of homes sold nationally during the four weeks ending April 30 went under contract within two weeks, down from 51% a year earlier but up from 46% a month prior, Seattle-based Redfin Corp. (Nasdaq: RDFN) recently found.

While demand for housing among buyers exists, a key reason for increased competition for certain homes is because inventory remains extremely tight. Owners who locked in record-low mortgage rates during the pandemic are hanging onto their…

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"Have Home Prices and Mortgage Rates Both Peaked? A Hopeful Look Ahead"

Realtor.com writes, "America’s home prices are still rising, currently hovering at a median of $430,000 in April. But at long last, these sky-high housing costs seem poised to fall, perhaps as early as this month.

That’s according to a new report from Realtor.com®, which found that April’s listing prices had ticked up a mere 2.5% compared with a year earlier. That’s the slowest yearly price growth seen since April 2020, when COVID-19 quarantines forced the real estate market to grind to a halt.

Once markets opened up again, the pandemic unleashed a steep and unprecedented ascent in home prices, culminating in a record-setting high of $449,000 last June. But the latest data suggests that this raging seller’s market might have finally reached its…

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"Roughly 1 in 4 Homes for Sale in Austin and Seattle Cost Less Than They Would Have a Year Ago"

Redfin News reports, "one-quarter of homes for sale in Austin, TX (25.8%) have lower estimated monthly housing payments than they would have if they had been for sale a year ago. That’s a higher share than any other major U.S. metropolitan area Redfin analyzed and more than triple the nationwide share of 7.1%. 

Seattle is close behind, at 23.6%, followed by San Francisco (18.8%), New York (18.3%) and Pittsburgh (15.6%).

This is according to a Redfin analysis of U.S. single-family homes, condos/co-ops and townhouses for sale as of April 11, 2023. We estimated what a homebuyer’s monthly housing payment would be on those homes using the Redfin Estimate of the homes’ value in April 2023 and the average U.S. mortgage rate in March 2023. To estimate what…

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