Austin, Nashville, and Miami emerge as top U.S. commercial real estate investment destinations
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blog entries tagged as real estate.
"U.S. Housing Starts Drop to Lowest Level Since June 2020"
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Realtor.com reports, "The numbers: Construction of new U.S. homes fell 11.3% in August—falling short of Wall Street expectations—as builders scaled back new projects to focus on completions.
The pace of construction reversed course and fell as mortgage rates stayed over 7%, dampening home-buying demand. The last time construction of new homes was at this level was in June 2020.
So-called housing starts fell to a 1.28 million annual pace from 1.45 million in August, the government said Tuesday. That’s how many houses would be built over an entire year if construction took place at the same rate every month as it did in August.
Economists on Wall Street were expecting a drop in starts to 1.43 million. All numbers are seasonally adjusted.
…
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"Austin may allow tiny homes with wheels, RVs as permanent residences"
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Austin Business Journal reports, "Austin homeowners may have an opportunity to transform their backyards and other open spaces into leasable dwellings as the local government works to create new options for affordable housing.
Austin City Council on Sept. 14 asked city staffers to draft an ordinance that would allow mobile tiny homes and recreational vehicles to be used as permanent residences in areas zoned for single-family housing. The draft of the code amendment is expected to be presented to Austin's Housing and Planning Committee and to Council by the end of November.
The effort would be another piecemeal change to Austin's land development code as city leaders work to eliminate barriers to creating additional housing. Affordability issues…
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"Home prices in some Central Austin ZIP codes increased in August"
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Community Impact Austin writes, "August home prices in multiple Central Austin ZIP codes increased with homes in 78752 seeing the biggest jump at 38.27% year over year, according to data from the Austin Board of Realtors.
However, there was also a decrease in August home prices in some ZIP codes, including 78701, which dropped by nearly 35%.
Seven ZIP codes in the market also saw more home sales in August compared to last year, while 78751 remained consistent with 15 home sold in both August 2022 and August 2023.
Overall, homes stayed on the Central Austin market in August for at least a month. Last August, homes averaged three weeks on the market."
Source: Community Impact Austin
Written by: Brittany Anderson
Published: September 15,…
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"'The market is active and resilient': Austin area sees uptick in home sales"
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Austin American-Statesman writes, "Resilient.
That's the status of the Austin-area housing market as of August, when it saw its first year-over-year increase in home sales since early 2022, the Austin Board of Realtors says.
In its latest monthly report, the board said 2,939 houses changed hands last month in the five-county Austin region, which extends from Georgetown to San Marcos.
The sales represented a 1.4% increase over August 2022. It was the first increase in sales in the Austin region since February 2022, before repeated interest rate hikes by the Federal Reserve to ease inflation began sharply slowing home sales throughout Central Texas.
Across the Austin-Round Rock metro area, half of the houses last month sold for more than…
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"August home prices, sales vary in Lake Travis, Westlake area"
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Community Impact Austin reports, "the median home price in August for the majority of Lake Travis/Westlake homes is down year over year, according to data from the Austin Board of Realtors. Homes in the 78733 ZIP code saw the biggest drop with median home prices decreasing by nearly 57%.
Prices did increase in some ZIP codes, however. The median price of homes sold in 78735 was $1.2 million, nearly 50% higher than last year. Median home prices in 78746 also reached $2.7 million, the highest in the market.
The number of home sales are also down year over year, with sales in 78735 dropping 43%, the highest in the market. There were some jumps, however; in 78733, home sales increased by 350%, the highest in the market.
Overall, homes stayed on…
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"570-acre Lund Farm community near Elgin could break ground next summer"
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Austin Business Journal reports, "the developers pitching a 570-acre community near Elgin said they were attracted to the area by "the beauty and economics of the blackland prairie" as they aim to create more than 1,800 single-family homes, hundreds of multifamily units and nine acres of commercial space northeast of Austin.
Representatives for New York City-based Blossoms Development LLC provided Austin Business Journal more details about the Lund Farm community, which would be located off State Highway 95, north of Elgin. Intrigue in the project has been building since it was first announced last month at an Elgin City Council meeting.
The project would be the first in Texas for Blossoms, which has global development experience,…
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"Oracle could expand Austin HQ campus with additional offices, hotel"
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Austin Business Journal writes, "Oracle Corp. seems about ready to move forward with long-term plans to expand its headquarters campus near downtown Austin.
The software giant in late August filed documents with the city of Austin outlining plans to add a third office building, measuring 287,510 square feet, to the site it owns off East Riverside Drive. It could also build a 255-room hotel.
The growth will be to the west of Oracle's (NYSE: ORCL) existing office buildings, which measure nearly 1 million square feet combined. The company wants to modify a planned unit development, or PUD, that governs the area's zoning by adding a more than two-acre tract bordering Tinnin Ford Road. The tract is home to the former Town Lake Village Condos, which…
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"Texas is the 3rd hottest state for international homebuyers, new report shows"
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CultureMap Austin writes, "the trend of international buyers purchasing homes in Texas shows no signs of slowing down, as revealed in the latest Texas International Homebuyers Report.
Released September 6 by Texas Realtors, the report shows that the Lone Star State remains the No. 3 hottest U.S. destination for international homebuyers. Texas ranks behind Florida and California for the fourth consecutive year.
From April 2022 to March 2023, 9,900 Texas homes were purchased by buyers from outside the U.S. These homes make up 11.7 percent of the total number of Texas Realtors sales transactions.
For comparison, Florida (No. 1) accounted for 23 percent of purchases, with California (No. 2) at 12.2 percent.
"Texas has long been one of the most…
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"Signed Contracts for U.S. Homes Rise for the Second Month in a Row"
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Realtor.com reports, "the numbers: U.S. home sales inched up for the second month in a row, as the housing market continues to be hampered by high rates and a lack of home listings.
Pending home sales rose by 0.9% in July from the previous month, according to the monthly index released Thursday by the National Association of Realtors.
The figure exceeded expectations on Wall Street. Economists were expecting pending home sales to fall 0.5% in July.
Transactions were still down 14% from last year.
Pending home sales reflect transactions where the contract has been signed for the sale of an existing home, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months.
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