Luxe Austin Homes - homeowners

"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,…

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"6 hot Austin-area ZIP codes for first-time homebuyers in spring 2024"

Culturemap Austin writes, Austinites looking to own a home for the first time may be in luck this year, as the housing market is finally starting to look more lucrative for buyers. The post-pandemic homebuying craze left many scared and uncertain about the possibility of becoming homeowners with prices and rates skyrocketing. However, 2024 is shaping up to be a lot more hopeful for those wanting to trade renting for owning.

According to the US News & World Report market forecast for Austin, the current housing market is favoring buyers as mortgage rates are coming down, there’s a more balanced supply and demand of both new and existing homes, and median prices have slowly dipped by 4.2 percent over the past two years. At its peak in 2022, the…

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"Phase II of the HOME Initiative could bring minimum lot sizes down to 2,000 sqft"

ATX Today reports, "Austin City Council will vote on Phase II of the HOME Initiative — a move that would reduce the minimum size of a single-family lot — as early as May.

The council passed the first phase of the HOME Initiative, which stands for Home Options for Middle-income Empowerment, in December 2023. In part, the decision increased the maximum number of units from one to three on certain single-family lots.

This new phase would change single-family lot minimums from 5,750 sqft to 2,000 sqft, something the Austin Board of Realtors said could improve home affordability moving forward.

Why is this under consideration?

Proponents say passage of the new phase could alleviate the housing shortage by allowing construction of 87 to 871 new…

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"Housing supply increases across Central Texas in March, Austin Board of Realtors says"

Austin American-Statesman writes, "With the typical busy spring buying season upon us, what's happening in the Austin-area housing market?

The Austin Board of Realtors just released its monthly housing report, which shows that there were 4,714 new home listings across the Austin-Round Rock-Georgetown region last month, 10.2% more over the prior March. The increase has led to four months of inventory in multiple parts of the Central Texas region as the market continues to stabilize, the board said.

The board said 2,563 homes sold last month, down 0.3% from March 2023. The median price last month was flat year-over-year, with half of the homes selling for more than $450,000 and half for less.

The numbers indicate that homeowners have confidence…

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"More home listings at lowest prices indicate 'healthier' Austin market"

CultureMap Austin reports, "more homes hit the market in the Austin area in March, inspiring confidence among home sellers while simultaneously boosting options for first-time homebuyers, according to the latest real estate report by Unlock MLS and the Austin Board of Realtors (ABoR).

There were more than 4,700 new home listings placed on the market in the Austin-Round Rock-Georgetown metropolitan statistical area (MSA) in March, which was a 10.2 percent increase year-over-year from March 2023. Housing inventory in the Austin area has now climbed for two straight months, after a previous real estate report showed more than 3,900 new home listings were added in the month of February.

"In an era marked by economic resilience and favorable market…

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"Your Travis County appraisal notice is in the mail. Here's what residents can expect."

Austin American-Statesman writes, "This year's appraisal notices — an annual spring ritual often accompanied by fear and loathing and, on occasion, a sigh of relief — are on their way to Travis County residential and commercial property owners.

Overall, the median market value of homes in the county declined about 7%, Travis County Chief Appraiser Leana Mann said Thursday. While some homeowners will see their values decline, others will see increases, and some values could be relatively unchanged from last year.

How do appraisal values this year compare with last year's?

The 2024 median market value for a residential property in Travis County is $551,419, down from last year's median of $592,819, the appraisal district said. The market value…

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"Weakness in CRE market could create heavier property tax burden for homeowners"

Austin Business Journal writes, "Many U.S. homeowners saw their property tax bills rise last year — perhaps substantially, depending on market.

In 2023, $363.3 billion in property taxes were levied on single-family homes, up 6.9% from $339.8 billion in 2022, according to an analysis of 89.4 million U.S. single-family homes by Attom Data Solutions LLC. That increase is nearly double the 3.6% growth rate seen in 2022 and is the largest hike in the past five years.

The average tax on single-family homes increased 4.1% in 2023, to $4,062.

Attom CEO Rob Barber wasn't available for a phone interview by deadline, but in response to emailed questions, he said the reason behind substantial property tax increases for homeowners can vary widely from one…

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"More transit-focused zoning under consideration at Austin City Hall"

Austin Business Journal writes, "The second phase of Austin’s HOME Initiative and other wide-reaching land use changes are set to be considered at City Hall in the coming weeks. The goal: To hack away at Austin's housing affordability problem and prepare the city for its planned light rail system.

Bigger development will be needed along the 10-mile light rail route — especially at train stops. The project, on track to cost about $4.8 billion in current years’ dollars and begin construction in 2027, will be supported through federal transit funding if the city can prove that its land-use regulations will support the new transit network.

If approved, the new policies will usher in a wave of opportunities for developers and existing homeowners.

…

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"Existing-Home Sales Surge in a Positive Sign for This Year’s Housing Market"

Realtor.com writes, "This year’s housing market is off to a strong start.

Sales of existing homes, which exclude new construction, jumped 9.5% from January to February, according to a recent report from the National Association of Realtors®. That was the largest month-over-month increase in a year.

However, sales did dip a little annually, coming down 3.3% from February 2023.

The surge in monthly closings is likely due to the drop in mortgage rates, which began declining last fall. This brought more buyers into the market and, importantly, might have persuaded more homeowners to sell their properties. As most sellers are also buyers, many have been reluctant to trade a low mortgage rate for a higher one.

Mortgage rates averaged 6.87% for…

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"Austin is raking in millionaires — here's the latest tally"

Austin Business Journal shares, "Austin’s millionaire population has grown by 110% over the past decade.

London-based investment consultancy Henley & Partners has determined that roughly 32,700 millionaires now call Austin home, rising from about 15,500 in 2013.

The Texas capital has seen the largest leap in wealth than any other city in the nation, according to the company's 2024 USA Wealth Report that relied on data from New World Wealth, a global wealth intelligence firm based in South Africa.

Henley & Partners found Austin, which ranked 10th in its total population of millionaires, is home to 92 centi-millionaires — people with a net worth of more than $100 million. That would include billionaires such as Tesla Inc. CEO Elon Musk and Dell…

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