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 – State and federal agriculture officials said highly pathogenic avian flu has been found in a herd of dairy cows in Texas.
What we know:
Officials said the H5N1 virus was confirmed with laboratory tests in late May after cows at an unspecified farm became sick and milk production dropped. The dairy has since been quarantined and an investigation is underway.
This is the first case of avian flu in a Texas dairy herd this year, officials said.
What they’re saying:
“The U.S. Food and Drug Administration (FDA) is confident that pasteurization is effective at inactivating H5N1, and that the commercial, pasteurized milk supply is safe,” officials at the Texas Animal Health Commission said in a statement.
A dairy cow is seen at a farm on June 1, 2026. (Tim Evans/Bloomberg / Getty Images)
Dig deeper:
H5N1 has a high rate of severe disease and death in animals that become infected.
According to the Centers for Disease Control and Prevention, the risk to the general public from avian flu is low. Some sporadic human infections have been reported around the world since 1997. There have been no known cases of person-to-person spreading of avian flu.
The Source: Information in this story came from the Texas Animal Health Commission, the USDA, the FDA and the CDC.
AUSTIN, Texas — Self-driving cars have become a common sight on Austin streets, but a new Texas law is adding tougher requirements for the companies behind the wheelless vehicles.
Senate Bill 2807 imposes stricter rules on autonomous vehicle companies operating in the state, including state authorization, emergency response plans for law enforcement, and a public portal where residents can verify operators and file safety complaints.
The changes come as Austin continues to track incidents involving autonomous vehicles. The city’s autonomous vehicle dashboard shows 75 incidents in 2026, including a collision, eight near misses, and seven incidents of ignoring police direction.
Attorney Drew Gibbs, a partner at Slingshot Law, said one crash involved a Waymo vehicle.
“There was a T-bone collision. A pretty serious T-bone collision where a Waymo just crashed into the side of my client’s vehicle,” Gibbs said.
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One of the incidents of ignoring police direction happened during the mass shooting on West Sixth Street back in March, when three people died, and 15 others were injured.
Austin Police Association President Michael Bullock said autonomous vehicles can struggle in unusual situations.
“It didn’t impede on anything in the moment, but it’s not necessarily uncommon where these vehicles don’t quite know how to deal with these one-off scenarios,” Bullock said.
The new law requires autonomous vehicle companies to be authorized by the state, to provide an emergency response plan for law enforcement, and to participate in a public-facing portal that allows the public to verify operators and submit safety complaints.
Kara Kockelman, a professor of transportation and engineering at the University of Texas at Austin, welcomed the added oversight.
“I’m glad that the state is taking this a bit more seriously now,” she said. “It’s important not to just let others slip in without kind of meeting those basic minimums.”
Bullock said the emergency planning requirement may not make a major difference in fast-moving situations. Asked how impactful it is to have a fully laid out emergency response plan, Bullock said, “These plans are great, but it takes time to work through all of those versus the immediacy of having someone behind the wheel.”
The four autonomous vehicle companies operating in Austin — Waymo, Zoox, AV-Ride, and Tesla — are all state-authorized.
The Texas DMV said an autonomous vehicle company can lose its authorization to operate in Texas if the agency deems the vehicles are operating in a way that endangers public safety.
Waymo was contacted for comment, but had not responded.
AUSTIN, Texas – Texas Secretary of State Jane Nelson said Tuesday she will leave the post next month.
What we know:
In a statement, Nelson said her resignation will be effective July 17 but did not provide a reason for the departure.
“It has been an honor to serve the people of Texas in this role,” Nelson said. “My time as Secretary came at an important moment for Texas, and I am proud of what we have been able to accomplish as an agency in under four years.”
Nelson has served in the role since 2023.
Among other things, the Secretary of State oversees elections and business filings in the state and serves as the chief diplomat of Texas.
View of Texas State Senator Jane Nelson, during the 80th Texas Legislature, on the floor of the Senate at the Texas State Capitol, Austin, Texas, January 22, 2007. (John Anderson/The Austin Chronicle / Getty Images)
What they’re saying:
Texas Gov. Greg Abbott described Nelson as extraordinary.
“I am deeply grateful for her long and loyal service and outstanding leadership. She has represented our state with grace and honor across the globe, and Texas is better because of it,” Abbott said. “Cecilia and I wish her all the best in the next chapter of her distinguished career.”
Dig deeper:
According to the Secretary of State’s office, Nelson has presided over seven statewide elections during her tenure with a cumulative 27 million ballots cast and broke a record with more than 3 million active business filers.
Nelson also served three decades in the Texas Senate, where she remains the longest-serving Republican in state history.
The Source: Information in this story came from the Texas Secretary of State’s office.
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