Austin home sales are down, inventory up in 2025 so far
AUSTIN (KXAN) – Home sales in the Austin metropolitan area are down 10% so far in 2025 compared to the first few months of 2024, according to the Austin Board of Realtors.
After the Great Recession, home values around Austin appreciated at an average rate of around 4.5% annually until the pandemic, when home values spiked. While values still reflect the COVID-19 era, they have been steadily cooling down.
DATA: Austin's housing market: How quickly are homes selling, and for how much?
'Homeowners during COVID accrued home equity gains above that which we would have otherwise expected,' said Claire Knapp, housing economist at ABOR. 'We're also seeing perhaps a little bit of reluctance among sellers to meaningfully reduce their home prices, and I think that has contributed to some extent to that sluggishness in sales.'
In part, this has led to higher levels of inventory – a boon for buyers, providing them with more options.
'Inventory is really beneficial to [buyers],' Knapp said. 'They're able to really hone in on what they want.'
'It's a very different market for buyers than it was even a few years ago during the pandemic, when buyers really didn't have many options available to them, and we were just watching homes fly off the shelves,' she continued.
Even though prices are declining, Knapp said more needs to happen. While the median sales of a home in the metropolitan statistical area dropped 12% from 2022 to 2024, that value was 40% higher in 2024 than it was in 2019.
Additionally, buyers are restricted due to higher mortgage rates, contributing to the sluggish market, Knapp said.
'We've seen mortgage rates have remained high,' Knapp said. '[They're] hovering in that high 6% range and even dipping into that 7% range.'
'It's really dependent upon sellers to be willing to set reasonable expectations in terms of pricing, particularly given higher mortgage rates and the higher level of inventory available to buyers in today's market,' she continued.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
27 minutes ago
- CNBC
CNBC's The China Connection newsletter: AI hits an already weak jobs market
China's eagerness to adopt artificial intelligence comes just as economic growth is slowing, putting millions of routine jobs at risk. "I'm planning to get rid of 360 [Security Technology's] entire marketing department. This way the company can save tens of millions a year," founder and chair Zhou Hongyi said in a Chinese-language video on Friday night, translated by CNBC. It's since been viewed more than 191,000 times on popular Chinese platform Weibo alone. Zhou, who has nearly 12 million followers on Weibo, said he's attempting to use the company's forthcoming generative AI tool to prepare a press conference for the product by himself in five days. The AI agent plus search tool is due for release on Wednesday. Whether or not it's just another sales ploy by Zhou, who goes by the moniker "Red Shirt Big Uncle Zhou Hongyi," the video captures an emerging reality: companies pressured to cut costs may increasingly replace jobs with AI. Worrying signs are piling up. Last week, U.S. financial giant Citi said it's cutting 3,500 tech jobs in China by October. U.S.-based Anthropic CEO Dario Amodei told Axios last month that AI could lead to unemployment rates of 10-20% over the next one to five years. In China, more companies are discussing AI-driven efficiencies, especially in marketing and coding. Food delivery giant Meituan told investors in late May that about 52% of new code was generated by AI, up from 27% disclosed in March. Big Chinese tech companies are pointedly asking for new young recruits to have AI skills, said Shu Weibing, partner and COO at HangHang AI. "If a student doesn't know how to use AI, then it will be very hard to get a job," Shu said in Mandarin, translated by CNBC. HangHang AI focuses on AI skills training. On June 6, it launched a "Global AI" platform to help entrepreneurs get initial funding for AI projects, even if they are still working a day job. So far, the platform has 70 investors participating and at least 50 projects on board, Shu said. He added that the goal is to invest in 1,000 projects over three years, with each one receiving 10,000 yuan from three backers, totaling 30,000 yuan to jump-start each project. Chinese authorities have encouraged efforts to embrace AI and robots, while increasing support for employment. The Ministry of Finance announced on Tuesday that it has allocated 66.74 billion yuan ($9.29 billion) for employment-related subsidies this year. On Monday, the Ministry of Industry and Information Technology and the Ministry of Civil Affairs announced a two-year pilot program to test the use of robots for senior citizen care. To be sure, AI isn't about to suddenly hit every single industry. But since the Covid-19 pandemic, a persistent story, seen on Chinese social media and in casual conversations, is one of job uncertainty. Record graduates. More people getting some support from their parents and pursuing higher degrees. Companies cutting wages, clawing back bonuses and closing departments, if not shutting down altogether. Individuals and businesses have turned to social media and selling products via livestream, where competition is still fierce but the potential for overnight success remains. Complicating the job market further is a local culture that prizes work, even if it means regular overtime and weekend conferences. The unhealthy competition is most apparent in China's electric car market, where fierce competition has led to a race to the bottom, prompting government warnings to stop what's colloquially known as "neijuan," or involution. That's not even accounting for the economic impact of escalating trade tensions, which resulted in a 34% plunge in China's exports to the U.S. last month, official data showed Monday. About 16 million jobs in China are tied to U.S. exports, Goldman Sachs has estimated. Monthly business surveys for May showed contraction in the labor market across the board. The data indicate a situation rarely seen in the past decade, Goldman Sachs' Hui Shan pointed out in an analysis published last week. "Labor markets are very weak, especially in construction and among small businesses." But "labor market weakness could be a catalyst" for more stimulus, the report said. China's top leaders typically hold a policy meeting in late July. Mark Smith, CEO of mineral development company NioCorp, says that the U.S. needs to find a way to get along with China for its supply of heavy rare earths while the former builds up its supply chain, and that stockpiling of critical minerals is unlikely to be effective, as China is the sole supplier. Robin Xing, Chief China Economist at Morgan Stanley, discussed the ongoing differences between the U.S. and China, ranging from trade to EVs, and how that affects sentiment in China. Meituan's Keeta unit launched drone deliveries in Hong Kong, extending its existing routes in Mainland China. Meituan's Vice President Yinian Mao spoke with Emily Tan about the company's drone delivery dreams and how they fit into its broader operations. U.S.-China agree on framework following London talks. The U.S. and China have reached an agreement on trade, representatives from both sides said Wednesday after a second day of high-level talks in London. U.S. President Donald Trump and Chinese President Xi Jinping spoke by phone late last week, stabilizing what had become a fraught relationship with both countries accusing each other of violating the Geneva trade agreement. China's consumer price index fell in May. It was the fourth-straight negative read. Core CPI, which excludes food and energy prices, did recover from a high last seen in January. Trade data pointed to modest growth in exports in May, while imports fell far more than expected, another sign of weak domestic demand. U.S. has exaggerated Huawei's chip developments. So says the Chinese telecommunications company's CEO, in an interview published on the front page of the Chinese Communist Party's newspaper on Tuesday. Ren Zhengfei said while Huawei chips are one generation behind those of U.S. peers, the company is finding ways to offset the gap. Chinese and Hong Kong stocks climbed in early trade on Wednesday after leaders from the U.S. and China said they have reached an agreement on trade. Mainland China's CSI 300 was up 0.8% to its highest level in over two weeks, while Hong Kong's Hang Seng Index — which includes major Chinese companies — rose 0.6% as of 11 a.m. local time. The CSI 300 has lost roughly 0.97% while the Hang Seng Index has gained over 21.54% so far this year. June 11: Xpeng G7 car launch June 13: Chinese Vice Premier He Lifeng is scheduled to depart the U.K. after U.S.-China trade talks and other meetings June 16: China retail sales, industrial production and investment data for May
Yahoo
32 minutes ago
- Yahoo
Judge sides with city of Austin in Statesman PUD case
AUSTIN (KXAN) — A Travis County Civil Court judge sided with the city of Austin, potentially moving forward the Planned Unit Development (PUD) on the former Austin-American Statesman property. According to an attorney for the Save Our Springs Alliance (SOS), the judge 'did not provide a reason' for the ruling against the organization. The PUD was approved in 2022 for a development that would include a 275-room high-rise hotel, six towers of residential units and office space. From 2022: Some concerned about required park space in Statesman PUD conversation According to the city, PUD zoning is meant 'to preserve the natural environment, encourage high quality development and innovative design, and ensure adequate public facilities and services' and 'must be superior to the development that would occur under conventional zoning and subdivision regulations.' However, PUD zoning also 'provides greater design flexibility by permitting modifications of site development regulations.' The lawsuit that was rejected in court Tuesday claimed that Austin City Council violated the Texas Open meetings Act and the Austin City Charter when it approved the PUD for 18.86 acres along the south shore of lady Bird lake. SOS claimed that the city did not provide adequate public notice regarding 'major changes to City standards.' The attorney for SOS told KXAN they are 'considering options for appeal.' KXAN has reached out to the city of Austin for its response to the ruling. We will update this article if a statement is received. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
New York Post
2 hours ago
- New York Post
Michael Goodwin: Dems agree NYC is too expensive — and voters can't afford them being in charge
If there is a single point of agreement among all the Democrats running for mayor, it's that New York is too damn expensive. They uniformly call it an 'affordability crisis' and pledge to do something about it if elected. They are largely correct — the cost of living in New York has become absurdly high. Advertisement Although part of the trend grew out of the inflation sparked by massive spending by federal, state and local governments during the COVID era, there is also a long history of Gotham being one of most expensive places in the nation to live. A study shows that, in comparison to the national average, food prices in the five boroughs are about 22% higher, while housing is 278% more expensive. Making ends meet The United Way finds that basic costs for city households have risen twice as fast as the median income and estimates that about half of them need help from the government, friends or family just to make ends meet. Advertisement As Queens Assemblyman Zohran Mamdani recently told The New York Times, 'There are far too many New Yorkers who do not know if they will be able to call themselves that next year, who do not know if they will be able to afford their rent, or their child care, their groceries, or even their MetroCard.' True to his socialist affiliations, Mamdani is promising the longest list of freebies, but his rivals have all joined the spree. Even Andrew Cuomo, often regarded as the most centrist of the bunch and the leader according to polls, is no shrinking violet in the giveaway games. The candidates' promises to address the problem sound very nice — until you realize that nearly everything they are offering would ultimately drive the sky-high cost of living even higher. Advertisement Already that burden is one of the top reasons why New York City and state lead America in losing residents to lower-cost jurisdictions. Congestion pricing is the latest example of how and why the cost of living here keeps rising. If the candidates all want to raise prices even higher, they should support a joint slogan: 'Dear Voters, If you're not broke yet, just wait.' The problem is that government compassion doesn't come cheap. Advertisement In fact, it's outrageously expensive. That's certainly true in the case at hand. The candidates' 'solutions' are just promises to give away more stuff to more people, such as free bus service, free child care, free this and free that. It's all wrapped in the language of compassion for the poor and working class. But what the lefty Dems leave out of the conversation is an honest explanation about where the money would come from to pay for all their added goodies, and what the impact would be of an expanded redistribution scheme to deliver them. Don't be fooled by the lack of details. That's intentional because the numbers would be frightening. Take away to give away But hiding the truth doesn't change the fact that because City Hall can't print money, it will first have to take more from residents and businesses if it is going to give away more. Advertisement Consider the obvious impact on businesses. If they are taxed more, most will make up for it by raising prices on their customers, cut the pay of their workers or reduce the number of workers. When a business goes broke, the city gets no taxes and the workers have no income. Because higher taxes always impose a trickle-down cost on some people, a similar outcome is true if the government raises income taxes on individuals, sales taxes or property taxes. Advertisement Somebody somewhere along the line is going to feel the pinch of every added dollar the city takes to give away to someone it declares more deserving. For those forced to pay more, the 'solution' to the problem means their cost of living is going to get even higher. That's why the candidates' plans need to be seen in light of the current budget. As it stands, City Hall will raise and spend a whopping $112.4 billion this year — nearly as much as the entire state of Florida. Advertisement New York state, meanwhile, will raise and spend $255 billion, with much of that money coming to the city. Additional agencies, such as the MTA, have their own budgets, which spend tens of billions more. Clearly the problem isn't a shortage of money to spend. Advertisement The problem is a shortage of responsible spending. Thus raising spending for 'new needs,' as the politicians call their freebies, by hiking taxes and fees at this point is almost certain to create as many problems as it solves. There is still time for the Dems to lay out a plan to actually reduce government costs. The first debate was little more than a bidding game to see who could promise more new giveaways and most vehemently denounce Donald Trump while pledging to 'resist' his presidency. The second and final mayoral debate, required by the NYC Campaign Finance Board, will take place Thursday, with primary day falling on June 24. It's incumbent on the moderators to demand that Mamdani and all the others explain, with specifics, where they would get added funds and who would pay them. Glib lines like taxing the 'top 1%' mean nothing because those families already pay inordinate amounts of the city's personal income tax. According to a city comptroller report, in 2021 the top 1% — about 6,000 families who reported incomes of $1 million or more — paid a whopping 48% of the city's total income tax haul. It's neither fair nor sensible to demand they pay more, when packing up and leaving altogether is proving to be so popular. Leftward lurch Unfortunately, we haven't heard much of a different message from other candidates in the race, including Mayor Adams, who is running as an independent. With GOP candidate Curtis Sliwa widely considered not viable, there is so far no check and balance on the Dems' leftward lurch. The vast majority of their spendthrift City Council candidates and those seeking other offices on the ballot are proving to be automatic supporters of larger and more expensive programs. National conversations about cutting taxes and reducing government waste, fraud and abuse have yet to find meaningful support in New York. That must start to change this week. Libs' stupidity taking a toll There they go again: Another major media outlet is confusing victimhood with the consequences of wrongdoing. The bleeding heart Boston Globe writes, 'Unpaid fees jeopardize thousands of Mass. driver's licenses,' saying, 'Thousands of Massachusetts drivers each year face the possibility of losing their legal authority to drive unless debts unrelated to road safety are paid in full.' Among the debts it cites are tolls the drivers evaded. Here's a crazy idea: The drivers could pay the tolls and keep their licenses. Why is that so hard?
