Uncommon Knowledge
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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.”
In early June, I said the Austin metro is poised for some more home price declines in the second half of 2024.
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.
The June print came in red 👇 pic.twitter.com/kVSCDqsvwb — Lance Lambert (@NewsLambert) July 23, 2024
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.
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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.
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.
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.
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.
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.
Here’s what we know so far.
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.
Austin police identified the gunman as Ndiaga Diagne, a 53-year-old man originally from Senegal.
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.
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.
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.
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.
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.
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.
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.”
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.”
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.
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.”
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.”)
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.”
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)
AUSTIN, Texas – 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.
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.
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:
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.
The Source: Information in this article was provided by FOX News and press conferences held by Austin police and the FBI.
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