Luxe Austin Homes - inventory

"Lund Farm pitched as big neighborhood in rural area near Elgin"

Austin Business Journal reports, "a 570-acre community may be coming to the Elgin area with more than 1,800 single-family homes, hundreds of multifamily units and nine acres of commercial space.

A little-known company called Blossoms Development has proposed Lund Farm off State Highway 95, north of Elgin. The company wants to have a diversity of home types and prices, according to a public presentation posted online by the city of Elgin. It also aims to create a walkable neighborhood that leverages the natural features of the site by using floodplains as amenity space and restoring historic blackland prairie.

In addition to the single-family homes, Lund Farm could have nearly 650 multifamily units, plus parks, an amenity center and a possible…

1314 Views, 0 Comments

"July data shows high interest rates not slowing Austin metro housing market"

Community Impact Austin reports, "while homes in cities across the Austin-Round Rock metropolitan statistical area have been hit with high interest rates in recent months, data from the Austin Board of Realtors shows that the market is continuing to stabilize.

According to July ABoR data for the metro, closed listings increased 0.6% year over year to 2,815 sales. Homes spent an average of 59 days on the market—37 more days compared to last year—and the number of new listings on the market also fell, but active listings and overall home inventory increased. Additionally, median home prices across the metro is down 10% for an average of $462,000.

The breakdown

In Travis County, year over year:

• There were 5.5% more sales, 15.8% more active listings…

555 Views, 0 Comments

"What a more normal Austin housing market looks like"

Austin Business Journal writes, "Austin's housing market has had a full year of "normalization," experts say, but we aren't out of the woods yet.

After years of soaring prices and diminished inventory fueled by a pandemic-era buying frenzy, home prices began falling back toward more normal levels and inventory began rising in July 2022. Market observes have framed this as a return of more normal conditions, dictated by actual supply and demand and affected by typical season fluctuations.

A year later, what does that look like? The Austin Board of Realtors this week reported that the metro had a median sales price of $462,000 last month, down 10% from a year prior and much lower than the peak of $550,000 in April and May 2022.

Inventory, which…

502 Views, 0 Comments

"Q&A: Austin Board of Realtors housing economist helps others ride the waves of Austin market"

Community Impact Austin shares, "Clare Losey joined the Austin Board of Realtors as its housing economist in March. She graduated from Texas A&M University with a PhD in August 2021 and previously worked at the Texas Real Estate Research Center. This interview has been edited for clarity and consistency.

What made you choose Austin?

I attended [The University of Texas] for undergrad and just really fell in love with Austin, and I love just the outdoorsy aspect of it. I think folks here tend to strike a happy medium; they tend to find jobs that they’re at least reasonably passionate about, but yet they have hobbies on the side that they really enjoy.

What do you do as a housing economist for the ABoR?

Much of what I do is focus just on digesting what’s…

505 Views, 0 Comments

"High interest rates aren't deterring homebuyers in Austin"

CultureMap Austin writes, "real estate experts now have a much clearer picture regarding the resilience shown in Austin's housing market. The latest Austin Board of Realtors' (ABoR) report revealed that July 2022 was when the Austin-Round Rock housing market initially started stabilizing. If current trends continue, ABoR says 2023 will have a "strong finish."

"We now have a direct year-over-year comparison of when our market began stabilizing, and the big fluctuations we’ve previously seen have started to even out," said 2023 ABoR president Ashley Jackson in the report. "Potential buyers who have been on the fence about purchasing a home should know interest rates are settling, and now is the time to act."

Even with interest rates beginning to…

471 Views, 0 Comments

"Home prices stabilize after historic highs in Southwest Austin area"

Community Impact Austin writes, "even as Southwest Austin remains among the most desirable and pricier areas of the metro to buy or rent, local data points to the housing market settling down after a recent burst of activity.

Movement toward a more balanced market has been underway since last year with observers crediting broader trends, such as rising interest rates, lasting inflation and more mild job growth, for spurring the changes. Every month in 2023 has seen local homes priced well below 2022 levels and taking longer to sell.

The days of new home listings drawing crowds and selling rapidly are not entirely over, some real estate experts said. Generally, they said buyers now have a better chance to explore their options thanks to narrowing…

546 Views, 0 Comments

"Mortgage Rates Go Up—Right as the Housing Market Melts Down"

Realtor.com writes, "as much of the country swelters under a heat dome, the housing market is experiencing its own meltdown.

Mortgage rates jumped to 6.81% for a 30-year fixed-rate loan for the week ending July 27, according to Freddie Mac. That’s up from last week’s average rate of 6.78%. And the welcome run of median home prices declining for 42 days flatlined for the week ending July 22.

“The annual decline in the median listing price evaporated, with prices tying year-ago levels this week,” says Realtor.com® Chief Economist Danielle Hale in her analysis.

What’s keeping home prices so high—and is there any way for homebuyers to find some sweet relief from the punishing real estate market this summer? We’ll break down what this latest real…

490 Views, 0 Comments

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

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…

502 Views, 0 Comments

"Stop Believin’! 4 Housing Market Myths Hurting Today’s Buyers and Sellers"

Realtor.com writes, "the housing market has been decidedly stuck of late. Sellers with low mortgage rates are holding on to their homes, leaving buyers with scant listings to choose from.

And buyers who do find a house face substantial economic challenges as median home prices and mortgage rates remain high.

With sellers and buyers at an impasse, misconceptions and outright myths are popping up on both sides about the state of the market on social channels and forums.

However, some of the supposed housing issues that are coming up time and again aren’t true. Here are the four biggest myths about the current housing market and why experts say they’re wrong.

1. The housing market is about to crash, just like in 2008

Today’s buy-sell…

451 Views, 0 Comments

"Austin housing market improved over the first 6 months of 2023, despite economic challenges"

CultureMap Austin reports, "despite economic struggles, lack of housing availability, and affordability woes making up a majority of concerns with the Austin-Round Rock housing market, overall trends have improved through the first half of 2023. The latest Austin Board of Realtors (ABoR) report details a need for more inventory to address rapid population growth.

"Despite a slight uptick in mortgage rates in June, the median sales price rose a modest 2.7 percent from May," said ABoR's housing economist Dr. Clare Losey. "Overall, the moderation in home prices throughout the region over the past year has eased the affordability constraint posed by higher rates, but more work needs to be done across the region and into the future to fully address this…

520 Views, 0 Comments