Luxe Austin Homes - inventory

"Buda's Sunfield is metro's fastest-growing neighborhood"

Austin Business Journal reports, "Buda’s Sunfield is the fastest-growing neighborhood in the metro, nabbing the top spot after leapfrogging from the No. 8 position in 2023. See the list below this article.

Scarborough Lane Development’s Sunfield, a 2,795-acre master-planned community, earned first place on Austin Business Journal’s latest list of fastest-growing neighborhoods with 470 home starts last year. The list is based on data from real estate company Zonda.

There are eight homebuilders active in Sunfield, where homes can be purchased at prices much lower than the average home in the metro.

While Sunfield’s 470 home starts was an increase over the 291 home starts reported on our 2023 list, many neighborhoods saw a decrease in home…

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"Nearly 300 condos heading to trendy South Congress"

Austin Business Journal reports, "Intracorp Homes has unveiled new details about its upcoming condo development on bustling South Congress Avenue.

Intracorp, one of the most active condo developers in the city, confirmed the project late last year but declined to provide additional information at the time as it worked its way through planning stages. On April 2, the developer announced details, including number of units, costs and the entities working on it. The company also said a final general contractor hasn't been selected.

Leland South Congress, as the project is called, will rise seven stories on about 3 acres spread across four lots at the intersection of South Congress Avenue and Live Oak Street.

The development will add 270 condos to…

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"Builders expect home prices, construction to increase in 2024"

Austin Business Journal shares, "Homebuilders around Texas are optimistic that new home prices will ramp up in 2024 and that construction rates will grow as well.

Zonda analyst Bryan Glasshagel presented the company's findings for the final quarter of 2023 at the housing data firm's quarterly event on March 20.

The company surveyed homebuilder division presidents around Texas, 64% of whom expect home prices to increase between 1% to 5% this year. A majority of the respondents are also anticipating increased activity in 2024, with 75% of builders surveyed expecting starts to increase an average 10% this year.

"Consumer confidence is still driving builder activity," Glasshagel told the crowd that was gathered at the Greater San Antonio Builders…

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"The Austin housing market just won't quit. It's an example of what's happening nationwide despite high prices and interest rates."

Business Insider writes, "just when some people thought the Austin, Texas, housing market was going to crash, it's starting to heat up again.

It could be a sign of relief for homeowners across the US — but bad news for hopeful buyers.

This sudden surge in Austin housing sales is a bit surprising. Not only were some experts predicting the downfall of the city's housing market just a few months ago, but interest rates have been back on the rise in 2024, reaching their highest level since December. However, Austin isn't the only city beating the odds; prices are still rising in 85% of US cities even though 91% of all homes are deemed "overvalued."

The inventory of houses for sale in Austin and the number of houses that sold both increased…

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"Austin and Dallas-Fort Worth Tipped as Top U.S. Housing Markets for 2024, Texas Cities Bracing for Surge in Homebuying Interest"

Hoodline.com writes, "the sizzling property markets of Austin and Dallas-Fort Worth are tipped to be the nation's hottest in 2024, with the National Association of Realtors (NAR) planting them atop their forecast for burgeoning housing demand.

Amid a landscape punctuated by rising prices and competitive bidding wars, Texans in these metros might find themselves in an increasingly tight squeeze to land that dream home.

Lawrence Yun, chief economist at the NAR, paints a picture of a local housing market where mortgage rates, although not at their historic highs, continue to shape the playing field.

In an interview with NBC 5 DFW, Yun pointed out that as companies converge on Dallas-Fort Worth, bringing in a slew of new residents, the price tags…

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"Mortgage rates hold steady to start 2024. Is an uptick in the housing market on its way?"

Austin Business Journal writes, "the nation's for-sale housing market is off to a mixed start this year after a 2023 that proved largely challenging for homebuyers.

Existing-home sales ended 2023 down about 19% from the prior year, according to data from the National Association of Realtors. While the number of transactions declined, prices rose in most metro areas through the end of the year, and that trend appears to be holding up early into 2024.

In fact, single-family existing-home sale prices rose in 86% of metro areas measured by the NAR — or 189 of 221 — in the fourth quarter. That's up from 82% in the third quarter.

At the end of 2023, the national median single-family existing-home price was up 3.5% from the year prior, to $391,700.

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"Austin-area home foreclosures were up in 2023, joining nationwide trend"

Austin Business Journal reports, "property foreclosures in the Austin metro climbed in 2023 — tracking a rise in local unemployment — but were relatively low by historic standards.

Foreclosures, which are legal proceedings by mortgage lenders to seize property when borrowers are in default, numbered 1,438 in the area last year, up 389 from 2022, according to Attom Data Solutions, a real estate information company.

Despite what equates to a 37% increase, however, the figure is below the levels immediately prior to the Covid-19 pandemic and well under those seen more than a decade ago on the heels of the last recession.

Foreclosures were up across the state and nation last year. They rose 51% in the Houston metro compared to 2022, 19% in the…

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"New subdivision set to rise in small community south of Austin"

Austin Business Journal reports, "hundreds of acres of housing are set to rise on the southern reaches of the Austin metro, the latest indication that it just keeps on growing.

Caldwell County commissioners on Jan. 9 unanimously approved a development agreement for a subdivision in Maxwell, potentially encompassing more than 200 acres. With the Austin area embroiled in a seemingly never-ending struggle to build enough affordable housing, the homes in this new development would be going up in one of the most affordable pockets of the region.

The subdivision, known as Schulle Farms, would be built on 227 acres off Maxwell’s Fifth Street if the development goes forward. Schulle Farm Partners LP is behind the project, although the identities of…

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"Austin housing market collected $17.5 billion in 2023 despite sales drop, says report"

Culturemap Austin writes, "Austin's hot real estate market is still trying to balance itself out after a full year of cooling prices. But even after that, it's accounting for nearly $17.5 billion in economic activity in 2023, according to the latest report from the Austin Board of Realtors (ABoR).

The final report of 2023 wrapped up the Austin-Round Rock metro area's performance and compared it to 2022's statistics. The findings show the median prices in the Austin area decreased 10.2 percent year-over-year to $450,000.

As another good sign for what's ahead for homebuyers in the coming year, 2024 ABoR president Kent Redding said housing inventory in the Austin-Round Rock MSA has increased to the highest it's been in more than eight years.

"In…

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"Apartment rents have declined in Austin recently, but will the trend continue into 2024?"

Austin was one of the top three U.S. metros that saw the most significant rent declines in November, a new report says, and some experts believe the trend could continue into next year.

Austin experienced a 5.4% decrease year over year, with a median asking rent of $1,575. That's according to Realtor.com’s recently released November Rental Report. The other two metros that had the most significant rent declines were Orlando, Fla., (down 6%) and Dallas (down 4.1%).

In mid-November, Orphe Divounguy, a senior economist at Zillow, said the Austin housing market has cooled down due to the construction boom and declining housing affordability in the past year.

"As the vacancy rate rises, the growth of rent (and home values) is anticipated to…

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