Luxe Austin Homes - supply

"Austin renters see a tight squeeze with limited availability, says new report"

CultureMap Austin writes, "many looking to rent an apartment in Austin might be having a hard time — and for those wondering why, Rent Cafe offers an answer in its end-of-the-year report on Texas' most-competitive rental markets.

In Austin, renters are mainly staying put, renewing their leases into 2023. According to Rent Cafe, nearly 60 percent of renters and apartment dwellers opted to stay where they were. That's creating a tight squeeze for would-be renters; for every available apartment, there are, on average, 12 renters vying to live there.

Rent Cafe also indicates that apartments in Austin fill up within 30 days and the overall apartment market finds itself at about 95 percent occupancy.

That's great news for rental property owners,…

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"Buyers rejoice: Austin-area housing market ends streak of record-setting prices, sales"

Austin Business Journal reports, 'the median sales price of a home in the Austin-Round Rock metro was essentially unchanged in November from a year prior, the first time that's happened since February 2019, according to the Austin Board of Realtors.

The median price actually decreased, but just barely at 0.4%, to $467,955 — compared with $470,000 in November 2021, ABOR said Dec. 15. It's the latest sign of a cooling trend in the region's housing market, which is also seeing increased inventory and time spent on the market.

Ashley Jackson, an agent with Realty Austin and 2023 president-elect of ABOR, last month told Austin Business Journal there's hope the moderate adjustments are signs of a return to a more normal, seasonal market — as opposed…

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"Austin metro's home price is flat for the first time since 2019, report says"

Culturemap Austin writes, "The Austin housing market is normalizing, and for the first time since before the pandemic, metro home prices are not on the rise.

According to the Austin Board of Realtors' latest monthly report, November 2022 marked the first time since February 2019 that the median home price for the Austin-Round Rock metro area was flat. The metro's median registered at $467,955 last month, the same as November 2021, meaning 0 percent year-over-year growth.

At the same time, housing inventory nearly quadrupled from last year, to 3.1 months at the metro level, and the average time spent on the market grew to a whopping 58 days, leading to further market stabilization.

At the city level, Austin actually saw a drop in its median…

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"46K new housing units possible on unlocked Austin land — but zoning change doesn't go far enough, builder says"

Austin Business Journal reports, "builders in Austin can now take advantage of a change in city code that will allow for the development of residential properties on land zoned for commercial use.

The change to the land development code, which Austin City Council approved on Dec. 2, carries major implications for real estate firms, significantly expanding the market for development. It also represents another avenue for cutting into Austin's housing shortage: city staffers previously estimated this decision could allow for the creation of 46,324 new homes.

Developers will still need to apply to build residential projects in commercial areas and will have to meet certain criteria, including around affordability. The change incentivizes the…

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"Fewer sales, moderate price growth: Here's what Austin housing market could look like in 2023"

Austin Business Journal writes, "after a wild couple of years, the Austin-area housing market could be in store for a relatively modest 2023.

Realtor.com predicted that the volume of local home sales will actually fall 6.6% next year, compared with 2022, while prices will grow 3%.

Ashley Jackson, president-elect of the Austin Board of Realtors, said there's hope that more moderate adjustments are a sign of Austin's return to a normal, seasonal market — as opposed to the dramatics seen in 2021 and part of 2022, when Austin became one of the top pandemic relocation destinations.

Median home sale price in the Austin metro peaked at a record $550,000 in April and May, but had fallen to $474,990 by October, according to ABOR data. Winter is…

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"Home Prices Fall and Listings Soar: Could It Be a Great Time To Buy Despite High Mortgage Rates?"

Realtor.com writes, "as the housing market barrels toward the end of the year and all of its holiday trimmings, potential homebuyers are likely wondering what’s in store for the coming season.

Home shoppers looking for lower asking prices can officially check that off their wish list. November’s median home list price of $417,000 was much more wallet-friendly than June’s record high of $449,000, according to a recent report from Realtor.com®.

Yet the volatile real estate landscape is not quite ready to bring only glad tidings. High mortgage rates—which, as of Wednesday, hover at 6.58% for a 30-year fixed-rate loan—are a stark reminder that many buyers might still struggle on the affordability front.

“Even though prices are down month to…

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"Will Plunging Mortgage Rates Spark a New Homebuying Rush? Here’s What the Latest Housing Statistics Say"

While mortgage rates are rarely great conversation fodder over Thanksgiving dinner, this Thanksgiving is a whole different story. If there’s a homebuyer or seller at your table, you can bet your good gravy the topic will pop up.

After all, mortgage rates have more than doubled throughout 2022, blasting past the 7% threshold and hitting a 20-year high in late October.

Yet in the past two weeks, there’s been an astonishing reprieve.

We’ll take a look at the latest statistics that have made the American dream of homebuying such a roller-coaster ride this year in our column “How’s the Housing Market This Week?” And lo and behold, the overall message this Thanksgiving week is actually good news.

Mortgage rates fell again

The headliner is…

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"Report shows Southwest Austin home prices up, number of sales down for October"

The latest Austin Board of Realtors report shows prices in the Southwest Austin housing market continue to increase while the number of sales continues to decrease.

Although the Austin housing market continues to show signs of stabilization, with fewer sales and more available inventory in the markets, prices continue to be higher compared to last year, according to the October ABoR report.

“Austin’s housing market is still growing, just at a different pace,” ABoR President Cord Shiflet said in a press release. “We’re entering the time of year that is historically a quieter time for home sales. With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before. Now is the time for…

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"Fed Says: Don't Get Too Excited About Rates Just Yet"

There's no question that last week was an exciting one for rates. On Wednesday, the average 30yr fixed was fairly close to the highest levels since 2002. The following afternoon, it had fallen more than half a percent to the lowest level in nearly 2 months--the biggest single day drop on record.  

While rates are still very high relative to anything but the past 8 weeks, it was a promising step in the right direction.  It raised hopes for a bigger picture shift after the fastest rate spike in 40 years.  

As the new week got underway, rates managed to hold onto their newfound gains relatively well and with minimal volatility on average.  Things may have been better were it not for a concerted effort on the part of the Fed to remind the market not…

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"Housing market in Round Rock, Pflugerville, Hutto moving toward stabilization, report shows"

Community Impact writes, "the latest data from the Austin Board of Realtors shows a continuing trend of stabilizing home prices and supply in Round Rock, Pflugerville and Hutto.

According to the ABoR's monthly report for October, the median price of a home sold across the three cities in October was $457,876. While a slight increase over September's median price of $450,000, that price is still lower than the prior two months—$475,000 in August and $476,458 in July.

Additionally, $457,876 is a 5.4% year-over-year increase from October 2021's median price of $434,495.

By comparison, the broader Central Texas market saw a median sale price of $421,149 in October, while the city of Austin saw a $555,000 median sale price.

ABoR President Cord Shiflet said…

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