Luxe Austin Homes - value

"Zillow says Austin’s housing market is now ‘ice cold,’ Austin Board of Realtors says no way"

KXAN Austin writes, "just days after the Austin Board of Realtors said the local housing market is starting to “rebalance,” Zillow has released a much harsher outlook: the Austin market is now “ice cold.”

The characterization comes as Zillow released its market report for December 2022.

The report shows homes in the Austin area are spending a median of 68 days on the market, more than in any other major metro nationwide. Back in December 2021, Zillow reported homes in the area were on the market for a median of 22 days.

Another metric in the report shows homes aren’t selling for as much as they used to. In November, just 11% of listings sold for higher than the asking price, down from 47% a year before.

That may be leading some homeowners…

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"Real Estate CEOs, Economists & Other Experts Predict a “Less Crazy” Housing Market in 2023, But Expect Any Improvements to be Gradual"

Yahoo Finance writes, "while there is no clear consensus about what will happen to mortgage rates and home sales in 2023, the real estate experts from organizations like the Mortgage Bankers Association, Zillow, Taylor Morrison, and others surveyed in Point’s 2023 Real Estate Expert Survey agree 2023 will likely bring less volatility to the real estate market. But any improvement will be slow.

Point asked experts about where mortgage rates will land this year; what will happen to existing-home sales; and what advice they would give home buyers and sellers.

Key findings include:

• About three-quarters of the respondents expect the average 30-year fixed mortgage rate to stay below 7% in June 2023. By December, every respondent believes rates…

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"Housing markets with highest share of equity-rich households undergo biggest corrections"

Austin Business Journal reports, "even with a rapidly cooling housing market, homeowners across the U.S. are sitting on near-record levels of equity.

A recent analysis by Irvine, California-based Attom Data Solutions LLC found 48.5% of mortgaged residential properties nationally were considered equity-rich in the third quarter. A property is considered equity-rich when the amount of loan balances secured by it is no more than 50% of its estimated market value.

With the housing market downturn that began this summer, though, $1.3 trillion in recently added equity vanished from the market in Q3, according to Black Knight Inc. (NYSE: BKI), a mortgage software and analytics company.

By Attom's measurement, Q3 2022 continued to see gains in…

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"Austin's economy among fastest-growing in the U.S., new report finds"

Austin American-Statesman writes, "Austin's boom is far from over, as a new report says the metro area has the second-fastest-growing economy in the country.

Austin's estimated regional gross domestic product — the total value of goods and services produced in one year — increased by 4.3% this year, second only to San Francisco's growth at 4.8%, according to the Kenan Institute of Private Enterprise at the University of North Carolina.

The report is the institute's first as a part of its American Growth Project, which aims to provide "up-to-the-minute" economic data for the microeconomies of towns, cities and counties across the country.

Hoping to help government officials and community leaders understand real-time industry trends, forecasts…

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"Why Are Homeowners Seeing Prices Drop?"

U.S. News reports that, "for just about any homeowner, talk of falling home prices can spark panic. With homeownership being the major financial and personal investment it is, there's a natural anxiety that comes with any potential threat to that investment.

However, housing market activity to date does not show a year-over-year decline of home prices – at least not yet. While some data sets show small month-to-month home price declines, month-to-month data is more volatile and does not signal a drastic shift in the market on its own.

There is a marked deceleration in home price growth due to a combination of already high home prices, high mortgage interest rates, low housing inventory and economic uncertainty on a larger scale.…

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