Luxe Austin Homes - homes sales

"Gen Z's regret grows over generational housing divide"

Posted by Grossman & Jones Group on May 8th, 2025

Austin Business Journal writes, "High home prices and elevated interest rates have members of Generation Z worried about missing out on the dream of homeownership — or deeply regretting having taken the plunge.

According to the BMO Real Financial Progress Index, 54% of American renters envy people their age and younger who have purchased a home. It's a dynamic that's even stronger among Gen Zers, with 63% of those respondents saying they are envious of homeowners. The Gen Z share is second only to that of millennials, who are most likely to be envious, at 67%.

"The data show that owning a home remains a key component of the American dream, but with some obstacles still facing first-time homebuyers, younger generations worry they missed their…

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"Will Homeowners Finally Sell in 2025? Here’s What the Experts Say, Amid a Glimmer of Hope"

Posted by Grossman & Jones Group on January 6th, 2025

Realtor.com writes, "The U.S. housing market crawled to a standstill last year—and while the latest projections show that 2025 is expected to bring only limited relief to buyers and sellers, there is a glimmer of hope on the horizon.

The year closed out with the strongest seasonal slump since January 2023. Homes lingered on the market for a whopping 70 days, up from 62 in November. It made December 2024 the slowest festive season in five years.

Inventory also plummeted 8.6% from November, marking the most precipitous drop in nearly two years.

Meanwhile, mortgage rates reached a six-month high, hitting 6.91% for the average 30-year fixed home loan for the week ending Jan. 2, according to the latest numbers from Freddie Mac.

On top of…

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"The housing market is slowing but home prices are still going up"

Posted by Grossman & Jones Group on September 26th, 2023

Austin Business Journal writes, "this year's housing market, beset by high interest rates, is on track for the lowest number of homes sold in 12 years.

Fannie Mae, the government-sponsored mortgage financing organization, projects total home sales in 2023 to be about 4.8 million, the lowest since 2011, and only slightly higher in 2024 at 4.9 million. The total amount of mortgage originations for 2023 is expected to be about $1.56 trillion, down from what Fannie Mae had originally projected to be $1.6 trillion this year.

Fannie Mae sees personal spending to be at unsustainable levels relative to American incomes and it projects a "modest economic contraction" in the first half of 2024, combined with mortgage rates hovering above 7%.

And while…

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"As Austin housing returns to pre-pandemic levels, some buyers are seeing opportunities"

Posted by Grossman & Jones Group on July 21st, 2023

Austin American-Statesman writes, "the Austin housing market is starting to look a lot more like 2019, before the pandemic sent demand and prices skyrocketing to record highs.

For the past three years, multiple offers, bidding wars and all-cash deals became the norm for those hoping to get into a home in Central Texas. Now, the picture is changing.

That's the upshot from a report on the June housing market by the Austin Board of Realtors. Here are the takeaways:

• Last month, residential home sales in the metro area declined 8.5% year over year to 3,147 closed sales while the median price dropped 9.6% to $483,000.

• New listings declined 23.6% year-over-year to 4,638 listings.

• The number of homes on the market jumped 38.4% to…

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Could Austin surpass D-FW as Texas’ top luxury home market?

Posted by Grossman & Jones Group on July 20th, 2022

Dallas-Fort Worth has been the longtime leader in luxury home sales, but it has a strong competitor further south on Interstate 35.

In the Houston, Dallas-Fort Worth and San Antonio areas, the number of homes sold for $1 million or more in the first five months of 2022 was about on par with the number sold in all of 2018, according to a new report from the Texas Real Estate Research Center at Texas A&M University. But in Austin area, the number of home sales is already double its 2018 total.

Four years ago, the Austin area had half the number of home sales of Houston and D-FW. By 2021, though, the city was just behind Houston, and so far this year, Austin and Houston are neck in neck.

“D-FW is definitely an international city, but the name…

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One way to reduce the hit of higher mortgage rates

Posted by Grossman & Jones Group on July 5th, 2022

Mortgage rates have risen faster this year than they have in decades.

The average 30-year fixed-rate mortgage has been hovering above 5% for more than a month, taking a toll on prospective homebuyers. While many hopeful buyers have bowed out of the market for now, some are exploring what once seemed like an unlikely option: adjustable rate mortgages, or ARMs. The cost of financing a home has risen so much, so fast that many buyers can't afford to buy a home with a traditional fixed-rate mortgage. The typical monthly payment on an average priced home with a 30-year fixed rate loan and 20% down is more than $600 higher now than at the start of this year -- a 44% increase on principal and interest payments, according to Black Knight, a…

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