Connect with us

Austin, TX

Austin’s housing market tumbles as developers abandon neighborhoods

Published

on

Austin’s housing market tumbles as developers abandon neighborhoods


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.

The groundwork for apartments undergoing construction on March 19, 2024, in Austin, Texas. Austin’s home prices are still down more than 16% compared to their pandemic peak in May 2022.

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).

Advertisement

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.

Advertisement

“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.

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Advertisement

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.



Source link

Austin, TX

Austin Police Department updates procedures after controversial deportation

Published

on

Austin Police Department updates procedures after controversial deportation


AUSTIN, Texas — An update to the Austin Police Department’s (APD) procedures outlines that officers are not required to contact U.S. Immigration and Customs Enforcement (ICE) when a person is found to have an ICE administrative warrant if they have no other arrestable charge.  

The update follows a controversial deportation from January, when a woman’s disturbance call to APD led to her detainment, alongside her 5-year-old child, who is a U.S. citizen.  

The incident led to questions from the community regarding the way APD is supposed to interact with ICE.  

In a March 4 memo, APD Police Chief Lisa Davis said that the directives provided by ICE administrative warrants could be confusing in their wording.

Advertisement

According to Davis, officers have not historically regularly encountered administrative warrants while using the National Crime Information Center database, which is used to conduct identity checks. However, in 2025, federal agencies began entering a large volume of administrative warrants into the system.

According to the memo, administrative warrants are formatted in a way that looks similar to criminal warrants in the system.

The APD General Orders have been updated to clearly define the difference between criminal warrants and ICE administrative warrants, as well as specific instructions for how ICE administrative warrants should be handled moving forward.

“APD recognizes the sensitivity of this issue, not only within our city but across the nation. These policies were updated to provide clarity to our officers, ensure compliance with state law, and maintain officer discretion guided by supervisory oversight and operational consideration,” Davis said in the memo.

The updated procedures instruct officers to contact their supervisor when a person is found to have only an ICE administrative warrant, but no other arrestable criminal charge. From there, the officer or their supervisor may contact ICE, but is not required to.

Advertisement

“Austin Police and City of Austin leadership share a paramount goal for Austin to be a safe city for everyone who lives, works, or visits here,” Davis said in the memo. “We particularly want to ensure that anyone who witnesses or is the victim of a crime feels secure in contacting the police for help.”

According to the memo, the entire APD staff will be required to complete new training regarding these updates.  

“In concert with the policy updates, APD is launching a public webpage to help people understand their rights and provide links to resources available from the City of Austin and community organizations, such as Know Your Rights training,” Davis said in the memo. “The webpage will also include information on the option of using APD Victim Services as an alternative to calling 9-1-1, when appropriate, and links to all general orders and policies related to immigration.”



Source link

Advertisement
Continue Reading

Austin, TX

Texas Plans Second Execution of the Year

Published

on

Texas Plans Second Execution of the Year


Cedric Ricks spoke in his own defense at his 2013 murder trial, something most defendants accused of a terrible crime do not do. Ricks confessed that he had killed his girlfriend, Roxann Sanchez, and her 8-year-old son. He admitted he was aggressive and had trouble controlling his anger, stating that he was “sorry about everything.” […]



Source link

Continue Reading

Austin, TX

Will the rest of Austin allergies seasons be as bad as cedar this year?

Published

on

Will the rest of Austin allergies seasons be as bad as cedar this year?


Austin had a particularly itchy and drippy cedar fever season to start the year. Many winter days, from late December into February, had high or very high ashe juniper (aka cedar) pollen counts. 

Central Texas has a year-round allergy season with mold popping up at any time. For the more traditional spring and fall allergy seasons, forecasters at AccuWeather are predicting some of the allergens across the country will be worse this year than average. 

Texas, though, is a different story.

For grass allergies, which happen now through September, AccuWeather estimates Austin will have an average season. However, just west of the Interstate 35 corridor in the Hill Country to almost El Paso, that season is expected to be worse than normal. 

Advertisement

“Texas may experience above-average grass pollen for a few weeks,” AccuWeather’s allergy report said, “though the season could be shorter-lived compared to northern areas.” 

It all depends on the weather

How much rain we get in the next six months and the perennial Texas heat will all affect the growing season for grasses and weeds, as well as the amount of pollen trees produce. The Farmers’ Almanac and the Old Farmers Almanac are both predicting a wetter and warmer spring.

Rain helps plants grow, which can increase pollen production over time. However, rainfall during allergy season can also bring temporary relief by washing pollen out of the air. That’s what we’re expecting this weekend, with our first meaningful rain chance in nearly three weeks. Tree and weed pollen levels might briefly drop, but mold could spike because it thrives in damp, humid weather. 

If spring continues with excessive heat like we saw in February, it could limit the growth of some plants and trees. Extreme heat can reduce how much they grow, and how much pollen they produce. On the other hand, if we get a healthy balance of rain and only slightly above-normal temperatures — not extreme heat — pollen counts could climb. That’s especially true as we head into April, typically our windiest month of the year, which helps spread pollen more easily.

How can you treat allergies in Austin?

If you are feeling the effects of allergies, here are some things you can do to lessen them: 

Advertisement
  • Start taking allergy medication at least two weeks before your allergen’s season is supposed to start. Keep taking your allergy medication throughout your allergen’s season, even on low-pollen days.
  • Vary your allergy medication. You can take a nasal spray, an eye drop and an oral antihistamine at the same time to treat the different symptoms. If one kind of allergy medication isn’t working, consult your doctor about whether you should add a second one or switch out the medication. 
  • Take a shower before going to bed.
  • Take off outside clothes or shoes when you get into the house.
  • Do a daily nasal wash such as a neti pot or saline spray.
  • Consider seeing an allergist to get drops or shots to lessen your reaction to the allergen. 

Consider these household tips to improve your chances of keeping allergens away:

  • Change the filters in your house regularly during cedar fever season.
  • Vacuum and sweep regularly. 
  • Change your sheets, especially your pillow regularly. 
  • Keep doors and windows closed.
  • Clean out the vents in your home.
  • Have your home tested for indoor allergens such as mold.
  • Wash and brush the animals in your house to lessen the amount of allergens in the air. 
  • Wear a mask outside or inside while you are trying to lessen the pollen or mold indoors.



Source link

Continue Reading

Trending