Luxe Austin Homes - homeowners

"Austin home sales slip as more buyers look outside the city, report says"

CultureMap Austin writes, "It's been a long-established trend that Austinites will relocate to a much more affordable part of town, even if it means sacrificing shorter work commutes and coveted Austin zip codes. The latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR) shows home sales have dropped in the Austin-Round Rock-San Marcos MSA, but are on a steady rise in neighboring Central Texas counties.

Residential home sales fell 3.5 percent year-over-year from July 2023, totalling 2,652 closed sales in the Austin-Round Rock-San Marcos MSA. Median prices have plateaued at $450,000 for the second consecutive month. With more than 3,800 new home listings added — a 0.3 percent drop from this time last year — the total…

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"Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?"

Forbes Advisor writes, "The housing market might finally be entering a transitional phase.

Summer sales have been tepid thus far, but there are signs that activity could heat up by the end of the summer as mortgage rates edge down and much-needed resale inventory continues to enter the market, giving buyers more options.

Other good news for home shoppers is the ongoing decline in the median price for a new home—now below the median resale home price—even as builders continue offering buyer incentives.

Nonetheless, experts say the housing market will only see renewed momentum once mortgage rates drop enough to ease affordability challenges and incentivize homeowners locked in at low rates to move so inventory grows substantially to meet…

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"Case-Shiller Index: Home price gains hit another all-time high"

Bankrate.com writes, "Amid an environment of tight inventory and stubbornly high mortgage rates, housing prices in the U.S. continue to rise ever higher. S&P CoreLogic’s latest Case-Shiller U.S. National Home Price NSA Index, released July 30, 2024, reports that annual home-price growth increased in May 2024 by 5.9 percent. That marks three consecutive months of hitting a new all-time high.

Case-Shiller Index still rising

In addition to the 5.9 percent overall increase, May numbers increased annually for both of Case-Shiller’s composite indices as well, with the 10-city index up 7.7 percent and the 20-city index up 6.8 percent.

“Our home price index has appreciated 4.1 percent year-to-date, the fastest start in two years,” said Brian D.…

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"Cost of permitting set to more than double in Travis County"

Community Impact reports, "Starting Sept. 1, the cost of development review fees—paid throughout the development permitting process—will increase 141%, after county staff received approval from Travis County Commissioners on July 23, affecting homeowners, business owners and developers alike.

The why?

In an effort to streamline the permit review process and increase transparency, staff members from the Travis County Department of Development Services have revamped the county’s website and examined the department's existing systems and performance.

The last time fees were increased was nearly a decade ago, in 2016, according to staff. Both small- and large-scale projects are subject to these fees, ranging from home renovations to subdivisions.

About the…

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"Austin inches closer to air conditioning mandates for residences"

Community Impact Austin reports, "A new city mandate for air conditioning in all residences is moving closer to final approval, and residents can weigh in on the change in July.

What's happening

The city is in the process of revising its technical codes, including its first proposed air conditioning mandate under the building code.

The update would require all residential property owners to keep rooms at least 15 degrees cooler than outdoor temperatures, and no hotter than 85 degrees Fahrenheit at most.

If implemented, the standards would apply for all existing properties and new construction in Austin.

Austinites can weigh in on the new building code items online until July 24. The revisions will also be discussed at the July 9 planning commission…

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"Home industry experts talk landscaping with water restrictions"

Community Impact Ausitn writes, "As Austin Metropolitan Area cities remain in stage 1, 2 or 3 water restrictions in response to varying drought conditions, homeowners have to keep these restrictions in mind when landscaping—whether they’re buying, selling or staying where they are.

Adam Mosier, co-owner of of Austin custom homebuilder Mosier Luxury Homes, and Kent Redding, Austin Board of Realtors 2024 president, shared their insight on the most effective water restriction-friendly landscaping and how this can impact the local housing market.

The outlook

Mosier said there are many variables his team must consider when contracting with landscape installation contractors and thinking about a landscape plan for clients.

As an added layer to city regulations,…

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"Homeowner equity continues to rise despite housing-market challenges"

Austin Business Journal reports, "American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.

U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.

The implications behind homeowners' gains in home equity are varying, but the gains seen since the Covid-19 pandemic ultimately mean homeowners are gaining wealth, said Selma Hepp, chief economist at…

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"Home prices begin to come down in pandemic boomtowns like Austin, Tampa"

Yahoo! Finance writes, "Real estate prices surged nationwide when the pandemic hit. Bidding wars, all-cash offers, and contingency removals became commonplace.

Now, the tide has turned in some markets.

Home prices in some large US cities declined in April, according to mortgage data company ICE Mortgage (ICE). San Antonio and Austin in Texas, and Tampa, Florida — among the most popular cities during the pandemic — saw the biggest monthly price declines.

The shift comes as these markets recalibrate: Homesellers and house builders are adding more listings, just as fewer Americans are relocating there.

“The key differentiator we're seeing in terms of growing inventory levels in Florida and Texas is a rise in sellers' willingness to list their…

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"Is it a buyer's or seller's market? Neither — but it's moving toward buyers finally"

Austin Business Journal shares, "The Austin-area housing market has reached a stalemate between buyers and sellers — and that's allowing much-needed inventory to catch up and prices to hold steady.

A few years ago it was common for some parts of Central Texas to have a week or two of housing stock. Home inventory in May was clocked at 4.9 months — 1.5 months more than a year ago. It's a level of inventory that hasn’t been seen in 13 years, according to the Unlock MLS report on the Austin Board of Realtors website. Housing experts often say six months of inventory is representative of a healthy market.

“The good news is that we are moving toward a more sustainable level of inventory, which will provide price stability for sellers and more choices for…

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"A key housing metric just fell to its lowest point ever"

Austin Business Journal writes, "The Fannie Mae Home Purchase Sentiment — a gauge of how good buyers feel about the housing market — fell to its lowest number since the agency began measuring it in 2010.

In May, just 14% of consumers surveyed by the agency said it was a good time to buy a home, down from 20% in April. Those who said it was a bad time to buy increased to 86%. 

Even seller optimism slipped, dropping from 67% who believed it was a good time to sell in April to 64% in May. The growing pessimism comes even as about 20% of those surveyed said their household income was higher than it was a year ago. 

The declining sentiments are yet another factor weighing on the housing market, which is fueling an affordability crisis in many…

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