Luxe Austin Homes - inventory

"Contract Signings Rise as Buyers Eye Market Opportunities"

Realtor Magazine writes, "Pending home sales rose slightly in August as lower mortgage rates provided some motivation to prospective home buyers. But buyers continue to face challenges such as high home prices, and many may be holding out for even lower rates, surveys show.

The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—eked out a 0.6% increase in August. Contract signings, however, remain 3% lower than a year ago.

Still, last month’s “slight upward turn [in contract signings] reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August,” says NAR Chief Economist Lawrence Yun. “However, contract signs…

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"Housing Market Predictions: What Homebuyers Should Know"

Business Insider writes, "After watching mortgage rates hit two-decade highs and inventory plummet last year, many hopeful homebuyers are eager to get off the sidelines and into a home.

Fortunately, housing market conditions have been getting slightly better, and they should ease somewhat throughout the rest of 2024 and beyond now that the Federal Reserve has started cutting rates. If you're planning to buy a house this year, here's what you need to know about housing market predictions in 2024, and how you can prepare.

Overview of the housing market

The average home value in the U.S. is $361,282, according to Zillow — up 2.9% year over year. Last month, average 30-year mortgage rates fell to 6.05%, down 40 basis points from the month before.…

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"New build-to-rent neighborhood aims to inject housing into fast-growing Leander"

Austin Business Journal reports, "A new build-to-rent neighborhood is opening in one of the fastest-growing neighborhoods in Leander.

Tricon Residential Inc., part of Blackstone Real Estate’s portfolio, is opening Tricon Bryson — a build-to-rent neighborhood consisting of 155 single-family homes — within Leander's wider Bryson development, according to an announcement. The new neighborhood will add to the region’s rental housing supply in Leander, where the U.S. Census Bureau estimates the population has more than tripled since 2010.

“There’s a tremendous need for more housing overall, and every day it’s harder and harder to get a new neighborhood approved and permitted and ready to go, whether for rent or for sale,” said Andy Carmody, senior…

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"Latest Drop in Mortgage Rates May Motivate Home Buyers"

Realtor Magazine writes, "Prospective home buyers may be enticed to move forward on a home purchase as mortgage rates fall. The 30-year fixed-rate mortgage averaged 6.09% this week, down more than 150 basis points from earlier this year.

“Mortgage rates continued declining towards the 6% mark, reviving purchase and refinance demand for many consumers,” says Sam Khater, Freddie Mac’s chief economist.

Mortgage rates have been closely watched this week after the Federal Reserve’s announcement on Wednesday that it's cutting its short-term benchmark rate. “While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market,” Khater says. “Declining mortgage rates over…

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"Mortgage Rates Hit Lowest Level Since February 2023"

Realtor Magazine reports, "Borrowing costs fell ahead of the Federal Reserve’s anticipated rate cut next week. But economists say home buyers may not want to wait to see if rates go lower.

The 30-year fixed-rate mortgage fell to 6.2% this week, down significantly compared to a year ago when they surged above 7%. But some prospective home buyers are holding out for even lower rates in anticipation of the Federal Reserve’s meeting next week, where it’s expected to cut short-term interest rates.

Still, home buyers may be getting their hopes up too much: “Even with the September expected rate cut [by the Fed], mortgage interest rates are not likely to move as this cut has been baked into the mortgage market,” says Jessica Lautz, deputy chief…

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"Texas needs 306,000 more homes to meet demand, experts say"

Community Impact reports, "Texas’ population growth has outpaced homebuilding since 2020, according to the state comptroller’s office, resulting in a widespread housing shortage. Up For Growth, a national housing policy organization, reported that Texas needs about 306,000 more homes to meet demand.

High home prices, steep mortgage rates and limited supply are driving some potential homebuyers out of the market, said Clare Knapp, a housing economist for the Austin Board of Realtors. Texas also had the sixth-highest property tax rate—1.68%—in 2021, according to research from the Tax Foundation.

Home prices shot up during the height of the COVID-19 pandemic, Knapp added, as remote work policies allowed more people to move to Texas.

In 2019, the median home…

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"Housing Market Filled With ‘Wait-and-See’ Home Buyers"

Realtor Magazine reports, "Contract signings fell last month to the lowest level on record, as the housing market continued trudging through a sluggish summer. The National Association of REALTORS®’ newly released Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—dropped 5.5% in July and was down 8.5% compared to a year earlier.

“A sales recovery did not occur in midsummer,” says Lawrence Yun, NAR’s chief economist. “The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election.”

Some prospective home buyers also may be waiting for mortgage rates to drop. Federal Reserve Chair Jerome…

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"Buyers are snatching up starter homes"

RealEstateNews.com shares, "While the market remains tepid overall, starter homes are drawing more interest as mortgage rates trend lower and inventory rises.

Pending sales for starter homes jumped more than 10% in July year-over-year, according to the latest Redfin report, reaching the highest level in nearly two years. That's in stark contrast to pending sales for all other tiers, which fell by between 6-10% over the same time period. 

Sale prices of entry-level homes were also up, but increased at a slower pace than other home segments, a sign that inventory and demand are more balanced in the lower price tiers. Redfin defined starter homes are those with a sale price in the 5th-35th percentile. 

Redfin Senior Economist Sheharyar…

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"Slight Uptick in Home Sales as More Listings Hit Market"

Realtor Magazine reports, "Home affordability conditions are improving slightly, which helped to fuel more real estate transactions in July. Existing-home sales, which account for completed transactions for single-family homes, townhomes, condominiums and co-ops, saw their first uptick in about four months, rising 1.3% in July compared to June, NAR’s latest housing report shows.

“Despite the modest gain, home sales are still sluggish,” says NAR Chief Economist Lawrence Yun, adding that sales are still down 2.5% from a year ago. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”

The 30-year fixed-rate mortgage averaged 6.49% as of Aug. 15, down from 7.09% a year earlier, which is…

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"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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