Connect with us

Austin, TX

Austin housing market given ominous warning

Published

on

Austin housing market given ominous warning


The vertiginous fall of home prices in Austin, Texas, seems to have no end in sight, according to experts who believe that steep declines are likely to continue in the coming months.

A recent analysis by real estate intelligence platform Parcl Labs estimates that the Texas capital will see the biggest downturn in home prices in the country over the next year—even as the cost of buying a home in the city has already fallen drastically from its COVID-19 pandemic peak.

Austin’s housing market, according to Parcl Labs, is currently in “bear territory”—which means, essentially, that property values have been dropping for a consistent period of time—with home prices now over 20 percent down from their peak.

Despite this dip, researchers at the company said, “we still expect home prices to decline 16.5 percent from current levels over the next 12 months. This is the largest expected decline in our coverage universe of 40 real estate markets nationally.”

Advertisement

Behind Austin’s Housing Market Downfall

According to Redfin, the median sale price of a home in May—the latest month for which reliable monthly figures are available—was $557,500, down 5 percent from a year earlier. At their peak in May 2022, home sale prices in the city had reached a median of $667,000—which means that buying property in Austin was over $200,000 more expensive than it had been before the pandemic, when it was around $400,000.

In the same month, home sales in the city were down by 12.1 percent year-over-year, at 861, and those homes that went under contract spent an average of 48 days on the market, six more than in May 2024. Active listings in the Austin-Round Rock metropolitan area totaled 12,525, up from 9,902 a year earlier. Inventory was actually higher than pre-pandemic level and the highest going as far as 2016, according to data from Realtor.com.

“It’s important to understand why these adjustments are happening and what they represent for the health of the market,” Emily Girard, chief executive officer (CEO) of Unlock MLS and the Austin Board of REALTORS (ABOR), told Newsweek. “What we’re seeing in Austin is a necessary and overdue normalization after an unprecedented period of price acceleration during the pandemic. It is a return to sustainability.”

Home prices skyrocketed during the pandemic homebuying frenzy unleashed by historically low mortgage rates.

“In 2021 during the pandemic, more homes were sold in the Austin-Round Rock MSA than ever before, and sales dollar volume yielded more than a $23 billion impact on the Austin-area economy,” Girard said. “The pandemic led to increased demand as buyers in the market had more disposable income and reevaluated their needs in a living space after spending months at home.”

Advertisement

She added: “That, combined with record-low interest rates at the time and an Austin economy that continued to make major company relocation announcements regularly, led to more homes being sold and prices increasing to an unsustainable level.”

The price declines that the city has been experiencing for the past couple of years represent “healthy adjustments,” Girard said as the market “normalizes.”

And prices, as experts say, are continuing to fall.

According to Redfin data, Austin was one of the metros reporting the biggest year-over-year declines in median sale prices, at -4.2 percent, in the four weeks ending July 6.

Photo-illustration by Newsweek/Getty/Canva

Buyers on Top

The Austin housing market downturn does not mean that the city has now become undesirable for buyers—quite the opposite.

Advertisement

“For buyers, this is one of the most favorable environments we’ve seen in years,” Girard said. “Buyers have time to shop, compare and negotiate—luxuries that weren’t available during the pandemic boom. They’re in the market with more intention and more options, especially with increased affordability for first-time and moderate-income homebuyers.”

Sellers might have a harder time accepting that they no longer have the upper hand, and they may be forced to compromise on prices—especially as price declines are expected to continue.

“Prices will continue to drop this year. That’s because the last half of the year we always have more inventory. And if you ever look at the seasonal bell curve in Austin’s selling season, prices always come down in the last half of the year,” Austin-based realtor Jeremy Knight told Newsweek. “Yet, there are a lot of buyers on the sidelines. If we do see rates come down in the last half of the year, you’ll see more closed numbers and buyers frantic in the market.”

Unfortunately, a majority of experts expect mortgage rates to continue hovering between the 6 and 7 percent marks through this year and 2026.

Advertisement



Source link

Austin, TX

Austin downtown shooting: What we know about the gunman, victims and motive

Published

on

Austin downtown shooting: What we know about the gunman, victims and motive


A gunman opened fire outside a bar in Austin’s West Sixth Street entertainment district shortly before 2 a.m. Sunday, killing two people and injuring 14 others, authorities said.

Austin Police Chief Lisa Davis said the suspected gunman drove a large SUV around the block several times before the attack. He then rolled down the windows and began firing a pistol, striking patrons at the bar.

The gunman then parked, exited the vehicle and continued shooting with a rifle, police said.

Paramedics and police arrived within a minute after the first 911 call, Davis said. Officers fatally shot the suspected gunman at the scene.

Advertisement

Here’s what we know so far.

Who were the victims?

Authorities identified the victims as 24-year-old Saditha Shan and 19-year-old Ryder Harrington, a student at Texas Tech University.

“It is unfair, to say the least, that my little brother was only given 19 years on this earth,” his brother, Reed Harrington, wrote on Facebook. “Watching the man he had become, and seeing all the lives he touched, leaves me certain that this world was robbed of a great future.”

Three people injured during the shooting remained in critical condition Monday, though one is expected to be taken off life support later today, Davis said during a Monday news conference.

Who was the gunman?

Austin police identified the gunman as Ndiaga Diagne, a 53-year-old man originally from Senegal.

Advertisement

The Department of Homeland Security said Diagne entered the United States on a tourist visa in 2000, became a lawful permanent resident in 2006 after marrying a U.S. citizen and became a naturalized citizen in 2013.

In 2017, Diagne legally purchased the guns he used in the shooting in San Antonio, Davis said.

Diagne was arrested in 2022 on a misdemeanor charge of “collision with vehicle damage,” typically issued when a driver leaves the scene of a crash.

The New York Post reported Diagne was arrested for “illegal vending” in New York City in 2001. Citing unnamed sources, the tabloid said he was arrested in New York three other times between 2008 and 2016, but those records are sealed. The Post did not report on whether he was convicted of any crimes.

Authorities said they expect to release more information on Diagne’s criminal history on Thursday as well as body camera footage and other details related to the officer-involved shooting that led to Diagne’s death.

Advertisement

What was the motive?

Investigators have not announced a motive. However, Alex Doran, acting special agent in charge of FBI San Antonio, said there were indicators that the shooting could be related to terrorism.

Diagne wore a sweatshirt emblazoned with the words “Property of Allah” and a shirt with a design of the Iranian flag, according to the Associated Press. The shooting came hours after the United States and Israel carried out airstrikes in Iran.

What are elected officials saying?

Reactions from Texas politicians have largely fallen along partisan lines. Democrats are calling for stricter gun laws, while some Republicans have focused on the gunman’s immigration history.

After Democratic Senate candidate James Talarico called for proposals such as universal background checks, red flag laws and closing the gun show loopholes that allow for the private sales of firearms at gunshows, Gov. Greg Abbott said the problem wasn’t gun laws but with “unvetted” immigration.

Disclosure: Facebook and Texas Tech University have been financial supporters of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here.

Advertisement



Source link

Continue Reading

Austin, TX

What to Know About the Shooting in Austin

Published

on

What to Know About the Shooting in Austin


Federal investigators are looking into whether a shooting in Austin, Texas, on Sunday—that involved a gunman opening fire at a downtown beer garden, killing two and wounding 14—constitutes a potential act of terrorism.

Alex Doran, the acting special agent in charge of the FBI’s San Antonio Field Office, said in a press conference that while it’s still too early to determine a motive, authorities found “indicators” on the alleged gunman and in his vehicle that “indicate potential nexus to terrorism.”

The suspected gunman, who was reportedly wearing clothes that bore “Property of Allah” and an Iranian flag design, was shot dead in a standoff with law enforcement. 

The shooting happened just a day after the U.S. and Israel launched a major military campaign against Iran. White House Press Secretary Karoline Leavitt said President Donald Trump was briefed on the shooting.

Advertisement

Texas Gov. Greg Abbott, a Republican who expressed support for the latest Iran strike, said in a statement: “To anyone who thinks about using the current conflict in the Middle East to threaten Texans or our critical infrastructure, understand this clearly: Texas will respond with decisive and overwhelming force to protect our state.” A day before the incident, Abbott directed the Texas Military Department to activate service members to “work alongside state and federal partners to safeguard our communities and critical infrastructure,” and he directed the state’s Department of Public Safety and the Texas National Guard, to “intensify patrols and surveillance.” 

Here’s what to know.

What happened?

Shortly before 2 a.m. Sunday, the suspect circled past Buford’s Backyard Beer Garden on Sixth Street several times in a “large SUV,” before stopping and opening fire with a pistol out of the vehicle window at people on the patio and gathered outside the bar, Austin Police Chief Lisa Davis said in a press briefing on Sunday.

The suspect parked the vehicle, stepped out with an assault rifle, and started firing at people on the street, according to Davis. Officers responding to the incident shot and killed the gunman.

The shooting took place along Sixth Street, a popular nightlife and entertainment district located a few miles from the University of Texas at Austin. Three people, including the suspect, were killed, and 14 were injured in the attack. All of those injured were transported to local hospitals, with three in critical condition, Austin EMS Chief Robert Luckritz said at the Sunday briefing. The names of the victims were released as of Sunday night.

Advertisement

Jim Davis, president of UT Austin, confirmed in a statement that members of the university community were among those affected by the shooting, although they have not been publicly identified. “Our prayers are with the victims and all those impacted, including members of our Longhorn family, and my heart goes out to their families, friends, classmates, professors, and loved ones,” Davis said. “As Longhorns, we feel this pain together.”

What do we know about the suspect?

The Austin Police Department identified the suspect as Ndiaga Diagne, a 53-year-old man. Diagne, who was born in Senegal, officials told the Associated Press, first came to the U.S. in 2000 on a B-2 tourist visa, according to a Department of Homeland Security statement to the AP. He married a U.S. citizen in 2006 and became a lawful permanent resident, before becoming a naturalized U.S. citizen in 2013.

A law enforcement official briefed on the case told CNN that Diagne was wearing a shirt with an Iranian flag design and a hoodie emblazoned with “Property of Allah.” The AP also reported the words and symbols on his clothes, also citing a law enforcement official. 

The Austin American-Statesman reported that investigators searched a house in Pflugerville, north of Austin, linked to Diagne’s possible relative. Local television station KXAN reported that Diagne had been issued a driver’s license with an address in Pflugerville in 2017.

Neighbors speaking to the New York Times said Diagne had maintained a low profile. “They kept very much to themselves,” Chris Finch, who lived next to the searched home, said. “They didn’t really say hi or anything.”

Advertisement

Another neighbor and the president of the neighborhood’s homeowners association, Eddie Garcia, said he was never aware of any previous issues. “We’re all neighbors and respect each other but we are also private and keep to ourselves,” he told the Statesman.

How are authorities reacting?

Mayor Kirk Watson called the shooting “an extremely difficult, traumatic moment” for the city. 

Senator Ted Cruz (R, Texas) said the shooting was a “senseless act of violence” and that he and his team are coordinating with local, state, and federal authorities over the incident.

Other Texas politicians have been united in condemning the shooting and extending condolences to victims and their loved ones, but they have been divided along partisan lines as to what’s to blame for the attack.

In a statement posted on X, eight Democrats in the Texas state legislature, including U.S. Senate candidate James Talarico, said, “Gun violence continues to steal the lives of far too many Texans. Our hearts are with the victims of today’s shooting and their families. We will never stop fighting for them.”

Advertisement

Rep. Greg Casar (D, Texas) posted, “We must end America’s gun violence epidemic. Americans should be able to have fun at a bar without it turning into an unspeakable nightmare like this one— and I will redouble my efforts in Congress to prevent the next tragedy like this.”

“Gun violence is preventable. This devastating loss of life was preventable,” Rep. Lloyd Doggett (D, Texas) posted on X. “Until Republicans find the courage to say no to the NRA, our country will be plagued with more tragedies.”

Republicans, on the other hand, have blamed the attack on Islamic extremism and mass migration. Rep. Chip Roy (R, Texas) said, in response to Doggett, that “Muslim immigrant violence – naturalized or not – is preventable. Until Democrats (& Republicans) find the courage to say no to the mass migration of Islamists, our country will be plagued with more tragedies…”

In another post, Roy said the shooting in Austin was “carried out by a suspected Islamist who came on a tourist VISA, and OVERSTAYED for years,” adding that the “tragedy was preventable” and that “failed policies have real consequences.”

“Allowing unvetted immigrants who are hostile to America, who are loyal to our adversaries like Iran, must end,” Abbott, the Republican governor, said in response to a call by Talarico for stricter gun regulations. “The way to end it is to end the current open immigration policies.” (Talarico responded, “Dangerous people should not be allowed into the country. Dangerous people should not be allowed to get guns.”)

Advertisement

The Texas chapter of the Muslim rights advocacy group Council on American-Islamic Relations condemned the shooting in a statement, but it also rejected using the incident to attack the larger Muslim community. 

“While a single person carried out this heinous attack last night, hundreds of thousands of Texas Muslims finished their night prayers and headed to their homes while calling on God for global peace and justice,” the statement said. “We encourage elected officials, law enforcement, faith leaders, and community members to come together to support the families of the victims and reaffirm our shared commitment to public safety.”



Source link

Continue Reading

Austin, TX

PHOTO: Apparent gunman in Austin 6th Street shooting wore ‘Property of Allah’ shirt

Published

on

PHOTO: Apparent gunman in Austin 6th Street shooting wore ‘Property of Allah’ shirt


FOX News obtained this image that purportedly shows the gunman responsible for a deadly mass shooting in Austin, Texas, on March 1, 2026. (FOX News)

Investigators are probing the deadly shooting on Austin’s Sixth Street, that left three dead and 14 injured. 

Officials are gathering new evidence that could point to extremist motives, as additional details surfaced Sunday about the gunman’s background and clothing during the incident.

Advertisement

What we know:

Three people, including the gunman, were killed, and 14 others were wounded early Sunday outside Buford’s beer garden in Downtown Austin. 

Advertisement

Police said officers were responding to reports of gunfire around 1:40 a.m., before confronting the suspect and fatally shooting him after he opened fire.

Authorities have not publicly identified the suspect, but an FBI spokesman said on Sunday that investigators are reviewing materials recovered from the suspect and his vehicle that indicate a “potential nexus to terrorism,” but cautioned that it is too early to determine a motive or whether the attack was directed or inspired by a specific group.

Dig deeper:

Advertisement

FOX News reported Sunday that it had obtained a photo of the suspect taken before the shooting. The image showed a man holding a firearm and wearing a gray sweatshirt bearing the words “Property of Allah.” 

Sources also told the network the suspect was wearing an undershirt that appeared to display an Iranian flag or Iranian imagery.

Advertisement

The Source: Information in this article was provided by FOX News and press conferences held by Austin police and the FBI.

Mass ShootingsDowntownAustinTravis CountyTexasCrime and Public Safety



Source link

Advertisement
Continue Reading

Trending