Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Home prices in the former pandemic boomtown of Austin, Texas, have slowly started to climb back in March and April, according to Redfin data, but are far from their 2022 peak, as the market is flipping in favor of buyers and the city experiences troubles with developers abandoning projects.
In April, the latest data available on Redfin, the median sale price of a home was $567,000, up 0.4 percent compared to a year earlier but down 16 percent compared to the peak of $667,000 reached in May 2022. Austin, once one of the hottest markets in the U.S.—and one of the most overvalued—experienced the biggest drop of any metropolitan area in the country following the pandemic.
In May 2024, according to data compiled by ResiClub using the Zillow Home Value Index, home prices in Austin were down 18.7 percent compared to the May 2022 peak.
Brandon Bell/Getty Images
The only other cities that experienced price drops beyond the 10 percent mark from their pandemic peak were New Orleans, Louisiana (-13.7 percent); Lake Charles, Louisiana (-11.7 percent); and Boise, Idaho (-10.4 percent).
The U.S. housing market experienced a modest price correction between late summer 2022 and spring 2023, driven by the increasing unaffordability of buying properties in a higher mortgage rates environment.
In Austin, which saw a huge influx of residents during the pandemic driving up prices, the correction was a much more dramatic phenomenon. Prices slid down as coastal and remote workers started leaving the city after the end of the pandemic and new construction projects got on the way, increasing Austin’s inventory.
While a historic lack of supply at the national level has contributed to keeping prices from plunging and is now leading their slow comeback in Austin too, there’s no doubt that the city is not the same place it was during the pandemic years.
Software giant Oracle Corp. announced a month ago that it would be moving out of Austin and creating its “world headquarters” in the city’s archrival, Nashville, Tennessee. The company had arrived in the Texas capital only in 2020.
In recent months, Austin has seen developers abandon several construction projects, as reported by Austin realtor Jeremy Knight in a series of videos on YouTube. In a previous comment to Newsweek, Knight explained that many of these projects started in 2020-2021 as the market was beginning to skyrocket.
“There was a lot of demand with more people moving to Austin. Unfortunately, the city of Austin has a lot of red tape and logistics to get through. Many of these projects take years to get greenlit,” he said.
“Now add the delays with workforce during the pandemic, the backlog, and developers rushing to buy in Austin, and then a turn in the market of 21 percent peak to trough. The valuations many of these developers put on these projects no longer make sense. Now add the fact that interest rates have doubled and nearly tripled since the projects started. Many of these small developers are facing headwinds.”
In a recent video, Knight said that over 57 percent of the inventory on the market is now vacant.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
AUSTIN, Texas – A Texas agency is concerned that the flesh-eating New World screwworm could be getting closer to Texas without commercial livestock movement.
Texas Agriculture Commissioner Sid Miller is sounding the alarm again for livestock owners to remain vigilant in watching for signs of the parasite in their animals.
The latest:
Miller said in a Thursday release that a screwworm had been detected in a cow in González, Tamaulipas, a little more than 200 miles from the southern Texas border.
According to the commissioner, the cow had no reported history of movement outside Tamaulipas, and is the third active case reported there.
Officials in Mexico have not reported a known population of the worm in Tamaulipas. They’re working with U.S. authorities to investigate further into the new case.
What they’re saying:
“The screwworm now may be moving closer on its own, with no apparent link to commercial animal movement,” Commissioner Miller said. “Texas producers must act now—stay informed, stay vigilant, and prepare immediately. We cannot drop our guard for even a moment.”
What you can do:
Miller urged immediate action from ranchers along the Texas border.
“Inspect your animals daily,” Miller said. “Check every open wound. If anything looks suspicious, report it right away. Better a false alarm than a delayed response—early detection and rapid reporting are our strongest defenses against this devastating pest.”
Big picture view:
The threat to cattle has been deemed so potentially devastating to the U.S. food supply that the federal government is committing $850 million to fight it.
Most of that money will be spent on building a sterile male fly production facility near the border.
The facility will produce 300 million sterile male flies a week to be dropped into target areas where the screwworm is now. Those male flies help to reduce the population size through mating without reproducing.
A much smaller portion of the funding will be used for screwworm detection technology.
In addition, the federal government has already spent $21 million on a sterile fly production facility in Mexico.
Dig deeper:
The insect gets its name because it’s only found in the Americas.
It lays its eggs in the open wounds of animals, and its larvae become parasites, threatening livestock, domestic animals, and even people.
The screwworm was mostly eradicated in Texas and the rest of the United States in the 60s. But now, it’s moving north up from Panama and has a known presence a little over 300 miles south of the Texas-Mexico border.
The Source: Information in this article comes from Sid Miller.
For over two decades, ILIOS Productions has been a key part of the live events community in Austin, TX, transforming spaces and audience experiences with a vast range of lighting and video design, as well as event production services across a diverse client portfolio. Now, with the backing of parent company Clair Global, LD Systems, a Houston-based premier provider of audio, video, and lighting for event production and installed technology solutions, is welcoming ILIOS Productions to the team, marking the group’s fourth location in Texas. ILIOS Productions will now operate under the LD Systems brand.
LD Systems will further resource ILIOS’ existing Austin operation to include additional services such as audio and rigging for live events, as well as integration solutions and services. This addition helps round out LD Systems’ ability to locally serve major metropolitan areas across Texas, including Houston, San Antonio, Dallas-Fort Worth, and Austin and reflects Clair Global’s continued focus on offering global resources while maintaining strong local-market expertise and responsiveness.
ILIOS Productions’ experience spans the concert and festival sector, corporate and activations, and high-end private, philanthropic and charitable events. The company’s commitment to critical event delivery has established trust with major brands including Lollapalooza, SXSW, Austin City Limits, Google, YouTube, the University of Texas System and many more.
Founder, President & Sr Ops Manager of ILIOS Productions, Bryan Azar, said: “After many years of working alongside LD Systems in Austin and beyond, we are delighted to be joining their world-class organisation. This is an exciting new chapter for a bolder future together.”
Zach Boswell, General Manager, ILIOS Productions, added: “We are passionate about the work we do, and the community and business culture found at LD Systems is the ideal next step for our dedicated employees to progress as a united workforce.“
LD Systems co-founder and President, Rob McKinley commented: “We are delighted to amplify our service offerings in Austin with the addition of Bryan and his exceptional team of technology professionals. They have made a significant difference to many Texans with the work they undertake, and LD Systems is proud to welcome both their talent and ethos to the company.”
Building on this momentum, LD Systems also announced plans to expand its San Antonio facility into a new location in January 2026. Together with the addition of ILIOS Productions in Austin, this investment reinforces the organisation’s long-term investment in Texas and its dedication to meeting growing client demand with enhanced capacity and infrastructure.
www.ldsystems.com
AUSTIN, Texas — Austin-Bergstrom International Airport is one step closer to getting a major makeover after finalizing lease agreements with airlines that will support future renovations, including the addition of 32 new gates.
The airport on Wednesday announced the completion of Airline Use and Lease Agreements and Signatory Cargo Agreements with several major airlines and cargo companies, including Southwest Airlines, Delta Air Lines, United Airlines, American Airlines, Alaska Airlines, FedEx and UPS.
According to a press release from the airport, the use-and-lease agreements allow companies to commit funding to the project through rent and fees “generated under the agreements’ cost-recovery structure, supporting the airport’s ability to deliver projects that expand capacity, strengthen resiliency, and improve the passenger experience.”
The agreements will support the following projects at Austin-Bergstrom over the next 10 years:
In a statement, District 2 Councilmember Vanessa Fuentes applauded the future job creation that’s to come out of the project.
“This expansion program represents a tremendous economic opportunity for Austin—not only through the trades and construction jobs created during the buildout, but also through long-term jobs in concessions, airport operations, and airline services after the program is complete,” Fuentes said.
“This agreement reflects years of partnership, thoughtful negotiations, and shared vision with our airline partners. Their commitment provides the financial foundation we need to modernize our facilities, transform customer experience, and build the infrastructure needed to support Central Texas’ continued growth for generations to come. AUS would not be where it is today without the collaboration and investment of our airlines, and we are deeply grateful for their trust and partnership as we shape the future of air travel in Central Texas,” said Ghizlane Badawi, CEO of Austin-Bergstrom International Airport.
The final cost of the project is still under development, but is anticipated to grow from an estimated $4 billion to $5 billion. According to the airport, funding sources include airport cash reserves, airport revenues, bond proceeds and grants from the Federal Aviation Administration.
“No local Austin taxpayer dollars are used to fund the airport’s expansion program,” the release said.
2 hospitalized after shooting on Lodge Freeway in Detroit
Power bank feature creep is out of control
Defensive coordinator candidates who could improve Cowboys’ brutal secondary in 2026
Viral New Year reset routine is helping people adopt healthier habits
Oregon State LB transfer Dexter Foster commits to Nebraska
Pat McAfee praises Audi Crooks, plays hype song for Iowa State star
Nebraska-based pizza chain Godfather’s Pizza is set to open a new location in Queen Creek
Spotify digs in on podcasts with new Hollywood studios