Luxe Austin Homes - sellers

"Zillow’s 2024 housing market predictions for Austin, nation"

KXAN Austin shares, "real estate marketplace Zillow has predictions for what will happen to the Austin and national housing markets in 2024, including cost decreases, supply increases and the arrival of generative computer programs (often called artificial intelligence or AI) to the buying process.

Zillow on Austin’s market from 2021-2023

In 2021, Zillow declared Austin the nation’s hottest housing market. It cooled slightly on Austin in 2022, but still ranked the city as the 10th hottest. In 2023, the company declared Austin’s housing market “ice cold.”

But in a Thursday interview, Zillow Senior Economist Orphe Divounguy said that 2023 has been “a great year” for Austin and the U.S.

“We started the year with high inflation that of course…

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"Austin home sales and prices expected to drop in 2024 according to new Realtor.com report"

Austin American-Statesman writes, "soaring home prices in recent years could calm down in 2024 after a report from Realtor.com predicted a drop in both home sales and prices for the Austin-Round Rock Area. 

Specifically, the real estate website predicted home sales in the Austin metro area would fall by 11.7%, while prices would fall by 12.2% compared to both of those marks in 2023. 

Moreover, across the country, the website predicted median home prices would fall by a much smaller 1.7%. However, it should be noted that larger, and recently more expensive, markets are expected to see bigger drops in price. 

How are other Texas housing markets expected to perform in 2024?

While the Austin area is predicted to see the biggest combined…

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"Reports: Austin home prices dropping, housing demand cooling off"

"The Austin Board of Realtors says buyers are willing to enter the market, despite higher interest rates. However, Zillow says the demand for houses is cooling off."

KVUE reports, "home prices are dropping in Central Texas, and the housing market overall is cooling off. That's according to new reports from both the Austin Board of Realtors (ABoR) and Zillow.

According to ABoR's October report, the median home price in the Austin-Round Rock area is $435,000. That's a 7.5% drop from a year ago.

The report also shows residential home sales are up about 4%, which experts say shows buyers are still willing to enter the housing market, despite higher interest rates.

In October, homes spent an average of 68 days on the market,…

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"Foreign buyers boost Texas housing market"

TheRealDeal reports, "an influx of international home buyers is providing a boost to Central Texas’ housing market. 

Over a 12-month stretch that ended in March, foreign homebuyers spent $609 million in Central Texas, accounting for 3 percent of sales dollar volume in the Austin region, the Austin American-Statesman reported, citing a study by the Austin Board of Realtors. 

“The Central Texas region continues to be a magnet for international homebuyers and investors,” Ashley Jackson, president of the Austin Board of Realtors, told the outlet. “One in six new Austin-area residents come from abroad.”

India was the primary source of international homebuyers for the second consecutive year, accounting for 21 percent of transactions among foreign…

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"Top 10 Roadblocks for the Real Estate Market in 2024"

Realtor Magazine writes, "global unrest, economic uncertainty and eroding home affordability are among the top issues facing the real estate industry over the next year, according to The Counselors of Real Estate’s annual report, “Top 10 Issues Affecting Real Estate(link is external).” Each year, CRE surveys 1,000 real estate experts to gauge the emerging issues that could have the most significant impact on all housing sectors, particularly the commercial market.

“This past year has been challenging for some and opportunistic for others as the economy, office market and innovation continue to evolve and impact the market,” says CRE Global Chair William McCarthy. “Additionally, the housing shortage and infrastructure issues continue to cause…

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"September data shows Austin metro housing inventory hit 8-year high"

Community Impact Austin shares, "housing inventory in the Austin-Round Rock Metropolitan Statistical Area hit the highest levels in more than eight years in September, according to the Austin Board of Realtors’ metro data for September.

The overview

According to ABoR officials in a news release, in September, Travis County and Hays County both had more than four month’s worth of inventory while Williamson County had slightly more than three months worth. Bastrop County had the highest inventory in the MSA with five months worth.

In addition to high inventory, data shows that year-over-year home sales and median home prices dropped across the MSA—by 18.2% and 4.3%, respectively—while active listings increased by 7.8%. Homes also spent an average of 65…

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"Austin-area housing inventory rises as affordability challenges mount"

Austin Business Journal reports, "the Austin metro’s housing inventory is the highest it’s been in more than eight years.

Inventory in the region hit the four-month mark in September, according to the Austin Board of Realtor’s monthly market data. Inventory represents how long it would take to sell all of the homes on the market if new listings stopped, and housing experts say six months of inventory typically represents a healthy balance between supply and demand.

While that may sound promising for a region that's experienced a dearth of new homes, it takes some pain to have the gain. The number of closed sales is notably down. ABOR housing economist Clare Losey said this could be caused by a number of factors, including high interest rates and…

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"Median home prices in Central Austin mostly up in September"

Community Impact reports, "most Central Austin ZIP codes saw an increase in median home prices year over year in September, but there were a few exceptions, according to data from the Austin Board of Realtors.

Like median home prices, the average number of days homes spent on the market and the number of home sales were also mixed. Days on market were up and home sales were down, but there were some exceptions.

In September, median home prices in 78703 dropped by 50% from $1.8 million to just over $889,000. In 78701, median prices dropped nearly 50% from $1.13 million to $570,000.

Conversely, median prices in 78756 jumped over 50% from $603,500 to $926,750, the biggest increase in the market. In 78751, homes went from $822,500 to over $1 million.

The…

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"Some median home prices increase in Lake Travis, Westlake in September"

Community Impact writes, "a few ZIP codes in the Lake Travis-Westlake market saw an increase in home sales and median home prices compared to last year, according to data from the Austin Board of Realtors.

While prices and sales were down across the market, there were a few outliers. Homes in 78732 saw the biggest price jump at over 17% year over year. Sales were also up the highest year over year in this ZIP code by 40%.

Median prices in 78733 dropped the most in the market, going for $1.5 million last September to just under $900,000 this September.

Sales in the market were also a mixed bag. Homes in 78746 sold 15 homes both last year and this year. For the remaining six ZIP codes, three had more home sales than last year, and three had fewer sales…

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"Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?"

Forbes.com writes, "though winter may still be months away, housing market activity—already cooling due to eye-popping home prices and interest rates—may be on the verge of a deep freeze.

The national average 30-year mortgage rate rose to a 23-year high of 7.49% in the first week of October, according to Freddie Mac.

Given current rate conditions, it’s no wonder that year-over-year existing home sales sagged for the third consecutive month, slipping by 0.7%, with all four major U.S. regions posting declines, according to the National Association of Realtors (NAR).

Nonetheless, the housing market remains competitive for prospective buyers. With many homeowners “locked in” at low interest rates and unwilling to sell, demand continues to exceed…

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