Found 99 blog entries tagged as Real Estate Market.

A home available for sale is shown on May 22 in Austin, Texas. Austin rent prices fell the most out of any major city area in America in June, according to a new report. BRANDON BELL/GETTY IMAGES

Newsweek writes, "Austin, Texas, led the nation in dropping rent prices for the month of June, according to a new report from Realtor.com.

The South generally saw a surge in housing units as more builders target the area because of mass migration post-pandemic.

After Austin's year-over-year rent drop of 9.5 percent, San Antonio, Texas, and Nashville, Tennessee, also saw significant rent price decreases of 8.2 percent and 8.1 percent, respectively.

"It's difficult to know just yet if this is simply a trend or a long-term slide, but markets that were white hot during the pandemic like Austin and Nashville are experiencing a deceleration in demand," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin,…

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The Austin-Round Rock metro's housing inventory hit 5 months in June, a level not seen since 2011. ABJ STAFF

Austin Business Journal shares, "Housing stock in the Austin area continues to edge higher, reaching healthier levels not seen in the metro in over a decade — and it's possible lower prices are on the horizon.

The Austin-Round Rock metro's housing inventory reached five months in June — the highest it's been since 2011, according to the latest Austin Board of Realtors and Unlock MLS market report. That's closer to the six months of inventory that housing experts say typically represents a healthy balance between supply and demand, and it's up from a level of 3.7 months of inventory in June 2023.

But what does an increase in inventory mean? According to Clare Knapp, an Unlock MLS and ABOR housing economist, buyers and sellers could expect to see…

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The latest report from Unlock MLS and the Austin Board of Realtors looked into June data and year-to-date data from the first half of 2024. Photo by J King on Unsplash

CultureMap Austin reports, "The latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR) has revealed that June saw a significant increase in the number of active home listings in the Austin metro area — continuing on a three-month high that began in April — and median sale prices are dropping to accommodate the rise in inventory.

New in the June report, Unlock MLS refers to the Central Texas region as the Austin-Round Rock-San Marcos metropolitan statistical area (MSA), whereas it was previously identified as the Austin-Round Rock-Georgetown MSA.

The data shows there was a 13.4 percent drop in home sales across the Austin-Round Rock-San Marcos MSA, with only 2,732 homes sold in June for a median price of $450,000. There…

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Nearly all of the counties analyzed recently by Attom Data Solutions had homes on the market last quarter that were less affordable than their historical averages. STUDIOGSTOCK VIA GETTY IMAGES

Austin Business Journal reports, "Homes across America remained unaffordable for many prospective buyers in the second quarter, with single-family home and condo prices less affordable during that three-month period compared to historical averages in 99% of the nation's counties.

That's according to a recent analysis by Attom Data Solutions LLC, which looked at housing data from U.S. counties with a population of at least 100,000 and that had at least 50 single-family home and condo sales in the second quarter.

The analysis also found that expenses for existing homeowners on median-priced homes are on the rise. Those costs consumed 35.1% of the average national wage in the second quarter, a high point since 2007 and meaningfully higher than the…

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Austin Business Journal reports, "American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.

U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.

The implications behind homeowners' gains in home equity are varying, but the gains seen since the Covid-19 pandemic ultimately mean homeowners are gaining wealth, said Selma Hepp, chief economist at…

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San Antonio, Texas, USA skyline. (SeanPavonePhoto via Getty Images)

Yahoo! Finance writes, "Real estate prices surged nationwide when the pandemic hit. Bidding wars, all-cash offers, and contingency removals became commonplace.

Now, the tide has turned in some markets.

Home prices in some large US cities declined in April, according to mortgage data company ICE Mortgage (ICE). San Antonio and Austin in Texas, and Tampa, Florida — among the most popular cities during the pandemic — saw the biggest monthly price declines.

The shift comes as these markets recalibrate: Homesellers and house builders are adding more listings, just as fewer Americans are relocating there.

“The key differentiator we're seeing in terms of growing inventory levels in Florida and Texas is a rise in sellers' willingness to list their…

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From left, Heather Donahue, Jeremy Striffler, Hannah Rangel and moderator Stacy Armijo discussed affordable housing solutions in downtown Austin, Austin ISD and the surrounding communities during the Central Texas Affordability Summit. (Brittany Anderson/Community Impact)

Community Impact Austin shares, "Area leaders are continuing to look for creative ways to increase housing supply and create sustainable housing options in Austin, such as changing development codes and spearheading efforts to grow the local workforce.

Amplify Credit Union hosted its second annual Central Texas Affordability Summit on May 23 with Amplify members; Mayor Kirk Watson; and a panel featuring Heather Donahue of MOD Architecture and Design; Jeremy Striffler, director of real estate and asset management at Austin ISD; and Hannah Rangel of the Downtown Austin Alliance.

The gist

Watson said the city has undertaken a number of initiatives to address its housing supply and affordability. In December, City Council approved the first phase of the Home…

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Americans have a pessimistic view of mortgage rates, which can further hurt an already supply-starved housing market. JAYK7

Austin Business Journal shares, "Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.

The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.

The pessimism around mortgage rates comes as the Federal Reserve has held off on cutting interest rates after spending much of 2022 raising them to curb inflation. Some officials have said the likelihood of the Fed raising rates again is low, and the housing industry is holding its breath on what future…

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The real estate market for the North-Northwest Austin area experienced higher home sales in April year over year, according to data from the Austin Board of Realtors. (Courtesy Austin Board of Realtors)

Community Impact Austin writes, "The real estate market for the North-Northwest Austin area experienced more home sales in April year over year, according to data from the Austin Board of Realtors.

Zooming in

For the first time since January, the 78729 ZIP code saw a positive percentage increase in home sales year over year. Meanwhile, home sales in the 78750 ZIP code have consistently seen at least double-digit percentage growth year over year since February.

The only ZIP code in the area that experienced a percentage decrease in the number of homes sold year over year in April was 78758, although the number of homes still increased month over month, going from 26 in March to 28 in April.

Although growth was nearly unanimous across the…

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To address persistent affordability challenges and expand housing options, it is imperative for elected officials, policymakers, and our community to review and revise existing land use regulations. GETTY IMAGES

Austin Business Journal writes, "Austin has a housing crisis with a lack of housing considered affordable to the majority of its residents. Professionals including teachers, EMS workers, firefighters and recent college graduates are being priced out of the communities they serve. Increasing mortgage rates, elevated home prices and limited inventory of affordable homes are some of the barriers to homeownership in Austin, particularly for would-be first-time buyers. To afford a $540,000 home, Austin’s median sales price in 2023, a household must make $180,000. This makes it extremely difficult for many to purchase a home here, driving them out of Austin and into the suburbs. The bottom line is that homeownership is unaffordable and unattainable to many…

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