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Austin, TX

Austin’s troubled housing market gets more bad news

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Austin’s troubled housing market gets more bad news


Home prices in the former pandemic boomtown of Austin, Texas, dropped by -0.1 percent from May to June, according to the latest data from Zillow compiled by journalist Lance Lambert.

“In early June, I said the Austin metro is poised for some more home price declines in the second half of 2024,” Lambert, who writes for ResiClub, posted on X. “The tell-tale sign was the weak month-over-month print from April to May—historically one of the strongest reporting months of the year.”

After a drop of -0.6 percent between December 2023 and January, home prices had modestly been rising in the Texas capital. Between January and February, they increased by 0.3 percent; in both March and April they grew by 1.1 percent month-over-month. From April to May, they increased by only 0.2 percent.

More From Newsweek Vault: How to Calculate How Much House You Can Afford

While the June home price decrease is a far cry from the steep drops of summer and winter of 2022, when prices plunged by as much as -3.0 percent, it’s a clear sign that Austin’s housing market is still navigating troubled waters.

In an aerial view, the downtown skyline is seen on March 19, 2024 in Austin, Texas. Home prices in Austin have fallen between May and June, as inventory grows in the city.

Brandon Bell/Getty Images

When the pandemic hit, Austin had been the fastest growing large metropolitan area in the country in more than a decade, according to data from the U.S. Census Bureau. During the COVID-19 health emergency, the city saw a massive influx of people moving from other states into the Texas capital, attracted by more affordable prices, Austin’s great weather and its vibrant culture.

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These people—often remote workers leaving expensive cities like the ones in California’s Bay Area—brought up demand for homes in the city at a time of historically low supply, engaging in cutthroat bidding wars and sending prices to the roof. At its peak in May 2022, the median sale price of a home in Austin had reached $667,000, according to Redfin data, up 16.0 percent from a year earlier.

But after the end of the pandemic boom, many remote workers were forced to return home and leave Austin, while the massive migration of the past couple of years started to decline. As the U.S. housing market was experiencing a modest price correction between late summer 2022 and spring 2023, Austin was witnessing a much more dramatic collapse of its home prices.

“Because prices have been so high, there was a lot of room for prices to fall,” Daryl Fairweather, Redfin chief economist, previously told Newsweek. Between July 2022 and February 2023, home prices fell in Austin for eight consecutive months, by as much as -3.0 percent and as little as -0.9 percent.

After rising for three months between April 2023 and June 2023, home prices in the city started dropping again between July 2023 and January 2024, though the deepest drop was a much more modest -1.5 percent.

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An increase in housing inventory is partly responsible for this further drop in prices. According to a recent analysis of Realtor.com active listings made by ResiClub, housing inventory for sale in Austin reached a new cycle high last month at 10,913 and it’s now 41 percent above pre-pandemic levels.

While the median sale price of homes in Austin remains much higher than the state’s average of $354,800, according to Redfin data, the cost of housing has dropped noticeably since the pandemic. In June, as per Redfin data, the median sale price of a home was $564,000, down -6.0 percent year-over-year.

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Austin, TX

Austin first responders provide insight, safety tips at community meeting

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Austin first responders provide insight, safety tips at community meeting


The Austin Police Department and Austin-Travis County EMS met with community members to provide insight on the departments’ policing, staffing levels, and to provide safety tips.

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“We do a community connect event every quarter, so we get to come together with all of our community members and invite them out. We just get to hear from the community and ask them ‘hey, what questions do you guys have?’”says Austin Police Department Lt. Christopher Casto.

A full PowerPoint presentation at the Austin Recreation Center, allowed dozens of residents an opportunity to review policing, safety, tips and resources available in Central West Austin and around The University of Texas.

“Today, we are actually talking about heat safety and water safety and some of the specifics that we have done lately around the 360-boat ramp area,” says Lt. Christopher Casto.

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According to the police department, the decision was made to have additional parking enforcement near the 360-boat ramp due to congestion. Austin Travis County EMS displayed the steps to take when overheating. The Lake Patrol Unit went over the guidelines for being on the water.

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Residents chimed in on recent issues they were facing in their communities.

“Folks were complaining about the speeding and the reckless driving on motorcycles up and down 2222. We put out a speed trailer that actually collected data so that we can find out where and how bad the problem actually is,” says Lt. Christopher Casto.

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Those in attendance also addressed the increase in property crime. Records from APD show an 11% hike in property crime for the month of June, compared to the same time last year.

“We don’t see everything, we can’t see everything. We have lower staffing numbers right now, and we cannot see all the different crimes that are happening,” says Lt. Christopher Casto.

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APD says there are nearly 500 vacancies in the police department. The quarterly meeting allows the department to learn more about the community’s needs.

“I can actually get some of our folks on board to go and investigate some of those things in those areas, to kind of help quell some of those community concerns,” says Lt. Christopher Casto

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As a result of the shortage, the department says to only contact 911 for crimes in action and 3-1-1 if the crime is not in action.



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Austin, TX

Three Texas cities rank among top 10 in US for renters to live in 2024

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Three Texas cities rank among top 10 in US for renters to live in 2024


One North Texas city and two Central Texas cities are among the best places in the country for renters to live in 2024, according to a recent RentCafe study.

RentCafe compared cities nationwide along 20 metrics related to cost of living and housing, the local economies and quality of life.

The South was the top region in the study with its cities accounting for 38 out of the top 50 for renters to live.

McKinney ranked fourth overall, followed by Round Rock in sixth and Austin in seventh.

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RentCafe attributed McKinney’s high ranking to its lower-than-average cost of living, high-end apartments in coveted locations and quality schools.

“With its small-town feel and a strong sense of community, McKinney is an ideal choice for renters who want to escape the bustle of the city without compromising on urban comfort,” said Adina Dragos, RentCafe writer. “Boasting a variety of parks, farmers markets and local businesses — all centered around its historic downtown — McKinney is a big draw for both young professionals and students.”

McKinney was also a standout in specific categories, ranking second in housing and cost of living and ninth in quality of life. Round Rock and Austin ranked high in the housing and cost of living category at third and 15th, respectively.

If you’re looking for a good deal on an apartment in Central Texas and quality of life isn’t as important, consider San Marcos. This city ranked first in cost of living and housing for its lower than average costs at 9.6% less than the national rent average and fairly large apartments averaging 996 square feet.

San Marcos was also found to be the worst city for quality of life due to having no apartments in “top locations” and only 4% of residents using public transportation or walking. However, if you’re a homebody and don’t mind having to drive to get around, then San Marcos may still be a viable option.

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Austin, TX

East Texas organization helps raise money for scholarships to UT-Austin

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East Texas organization helps raise money for scholarships to UT-Austin


TYLER, Texas (KLTV) – An East Texas organization is helping raise scholarship money for students looking to enroll with UT-Austin.

Texas Exes is involved in the community and they give east Texans the with scholarships to attend UT-Austin. The President of the organization, Dr. Jerry Scharzbach, shared what he really likes about his organization.

“Love raising money for kids. This year we raised, given out some $18,000 in scholarships to kids so super happy and proud about that.”

Dr. Scharzbach explained the application process for students who are interested.

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“We have a scholarship committee so we all rate them individually. The chairman tabulates everything. Gives out scholarships. We do a lot of other things too, we do community service through Earl Campbell parkway, four times a year.”

They will be meeting at True Vine Brewery on August 17th and November 1st.

“Whoever wants to come out and join us come on, we meet out in front of the brewery there on Earl Campbell.”



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