Austin, TX
Austin-area housing outlook positive; job growth, slower home prices pluses, expert says
Longtime Central Texas housing market analyst Eldon Rude recently gave his 21st annual forecast at an event sponsored by the Home Builders Association of Greater Austin. Rude is principal of 360° Real Estate Analytics, an Austin-based real estate consulting firm.
“This year is going to be better than last year, for many reasons,” Rude said.
Rude said that, among its peer cities, Austin had the biggest decline in its ratio of median family income to median home price last year, as home prices declined amid rising mortgage interest rates.
(According to Fidelity, for most individuals and families, a home’s value, generally speaking, should be no more than three to five times their total annual household income.)
Austin saw a decline from the high end of that range —from a multiplier where the median home price was five times that of the median family income in 2022 — down to a multiplier last year of 3.9 (that is, the median home price last year was $481,200, while the median family income was $122,300).
Some slowdown in home prices could be a plus in helping Austin continue to attract people and businesses.
“In the span of a year, we got more attractive, and I think that’s a good thing,” Rude said.
In another positive, Rude said, his homebuilder clients report that sales have started off well in the first six weeks of the year.
“All industry eyes are on the direction of interest rates,” Rude said.
And while some other metros are losing population and jobs, Rude said, he and other analysts expect Texas and the Austin area to outperform many places around the country.
“There is reason for all of us to feel good about where we are,” Rude said.
He said the Austin region gained 32,800 jobs from December 2022 to December 2023, a 2.5% job growth rate. The local jobless rate was 3% in December.
“So many talented people and companies have decided over time this is a place they want to live and grow their businesses,” Rude said. “We are so lucky we are in this industry in Austin, Texas.”
In advance of his presentation, attended by nearly 700 industry professionals Thursday, Rude shared these takeaways of his 2024 forecast with the Statesman:
- “Looking at the market for previously owned homes, I see available inventory remaining tight this year as many existing home owners remain reluctant to sell their homes if they have an existing mortgage with an interest rate well below what they can get with a new loan.”
- “New homebuilders are starting the year with enough inventory to give prospective buyers options as they look for a new home. Also, many builders are offering interest rate buy-downs to purchasers to help them qualify for a mortgage.”
- “As we move deeper into 2024, I expect the number of available new homes will drop as builders work to reduce their inventory to levels more consistent with pre-COVID norms for the industry.”
- “With fewer new homes in inventory expected later this year, homebuyers will see more competition for available homes, with builders likely offering fewer price concessions than buyers have seen over the last year or so.”
- The biggest challenge I see emerging in the new home market in the coming years is the dwindling supply of lots and land available to build homes. The most significant issues are related to the challenges in securing adequate water supplies to build enough homes to accommodate the region’s future needs. Builders, developers and investors continue to look further out for land.”
Austin, TX
Appeals court rules Texas can require public schools to display Ten Commandments in class
DALLAS (AP) — Texas can require the Ten Commandments to be displayed in public school classrooms, a U.S. appeals court ruled Tuesday in a victory for conservatives who have long sought to incorporate more religion into schools.
WATCH: Texas school board approves new course material that includes Bible passages
It sets up a potential clash at the U.S. Supreme Court over the issue in the future.
The 5th Circuit Court of Appeals said in the decision that the law did not violate the First Amendment, which protects religious freedom and prevents the government from establishing a religion.
Texas Attorney General Ken Paxton, a Republican, called the ruling “a major victory for Texas and our moral values.”
“The Ten Commandments have had a profound impact on our nation, and it’s important that students learn from them every single day,” Paxton said.
Organizations representing the families who challenged the law, including the American Civil Liberties Union, said in a statement that they were “extremely disappointed” by the decision.
“The court’s ruling goes against fundamental First Amendment principles and binding U.S. Supreme Court authority. The First Amendment safeguards the separation of church and state, and the freedom of families to choose how, when and if to provide their children with religious instruction. This decision tramples those rights,” the statement said.
The law is among the pushes by Republicans, including President Donald Trump, to incorporate religion into public schools. Critics say it violates the separation of church and state while backers argue that the Ten Commandments are historical and part of the foundation of U.S. law.
The ruling, which reverses a district court’s judgment, comes after the full court heard arguments in January in the Texas case and a similar case in Louisiana. The appeals court in February cleared the way for Louisiana’s law, requiring displays of the Ten Commandments in public school classrooms. The 5th Circuit Court of Appeals voted 12-6 to lift a block that a lower court first placed on the law in 2024.
Texas law took effect on Sept. 1, marking the largest attempt in the nation to hang the Ten Commandments in public schools. About two dozen school districts had been barred from posting them after federal judges issued injunctions in two cases against the law but went up in many classrooms across the state as districts paid to have the posters printed themselves or accepted donations.
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Austin, TX
Texas DMV launches authorization system for automated commercial vehicles
Waymo self-driving car navigating city traffic, San Francisco, California, August 20, 2024. (Photo by Smith Collection/Gado/Getty Images)
AUSTIN, Texas – The Texas Department of Motor Vehicles is launching a new authorization system for companies looking to operate automated motor vehicles.
A new goes into effect next month that requires companies using automated vehicles to be authorized by TxDMV with the following requirements:
- Complies with all applicable Texas traffic and motor vehicle laws
- Is equipped with a recording device
- Uses an automated driving system that complies with federal law
- Can achieve minimal risk condition in the event of a system failure
- Has a proper title and registration
- Maintains motor vehicle insurance
The process allows companies to submit their applications online through the Texas Motor Carrier Credentialing System.
The new laws outlined in Senate Bill 2807 go into effect on May 28.
Automated vehicles in Texas
The backstory:
Autonomous driving services are already operating in major Texas cities. Dallas, Houston, Austin and San Antonio are all serviced by the driverless ride-share company Waymo.
In Austin, the service has received dozens of complaints about vehicles stalling, speeding and crashing.
There have also been complaints of vehicles illegally passing school buses.
In March, Swedish company Einride announced plans to bring autonomous freight trucks to Central Texas.
The Source: Information in this article comes from the Texas Department of Motor Vehicles and previous FOX Local reporting.
Austin, TX
Man charged after driving 100 mph in East Austin, crashing into bus station: affidavit
AUSTIN, Texas – A man was charged with intoxication manslaughter after a crash in East Austin.
The backstory:
According to an arrest affidavit, on April 17, around 1:31 a.m., officers responded to a crash in the 2800 block of East Martin Luther King Jr. Blvd.
An investigation revealed the driver, Jalen Carter, 32, was driving a 2026 white Nissan at an estimated speed of 100 mph in a 45 mph zone. The car “bottomed out” at a train crossing and lost control. The car then hit a utility pole, hit a bus station, and five parked cars before finally coming to a stop.
A passenger in the car, Carter’s mother, suffered a serious hand injury.
One witness told an officer that Carter had been smoking marijuana about 30 minutes before driving and was acting “abnormal and paranoid.” An officer described Carter’s eyes as bloodshot and glassy.
An officer said he also “exhibited cyclic behavior” and was alternating between grabbing his mother and falling unconscious.
When officers tried talking to Carter, they said he was uncooperative and combative. They also said he ignored verbal commands and had to be removed from his mother.
Carter and his mother were taken to a local hospital. His mother lost her thumb and required emergency surgery.
At the hospital, Cater was so aggressive that it took about 10 people, including four security guards, to hold him down. He was eventually sedated and intubated.
Carter was later charged with intoxication assault.
The Source: Information from an arrest affidavit
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