07.27.2023

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Today’s Forecast

69º | Rainy | 87% chance of rain | Sunrise 7:28 a.m. | Sunset 5:42 p.m.

🏘 Housing updates

The Austin area’s housing market is “weathering” the turbulence

Mayor Kirk Watson at a podium onstage, with crowds in the foreground.

Mayor Kirk Watson spoke at the Central Texas Housing Summit. | Photo by ATXtoday

Austin’s housing market is in the midst of a brief period of decline — but it’s not all bad news.

In June, the metro area saw a ~9% decrease in the median sales price compared to the same time last year. Sales are also down by ~8%, new listings are down by ~23%, and listings are staying on the market for an average of 43 days longer (around 61 days).

Of course, there’s more to the story than that.

The Austin Board of Realtors met yesterday for the Central Texas Housing Summit to discuss the long-term and short-term future of the local housing market. Here’s what we learned.

Weathering the storm

Median home prices are down by ~0.9% year-over-year nationwide, in part due to rising interest rates caused by COVID-19-induced inflation.

Although home prices have been dropping since last summer in Austin, ABOR economist Clare Losey points out that the median housing price in Austin is still much higher than it was pre-pandemic.

The city’s strong economic standing also gives indication that the area is poised to see continued growth, she said.

“We are weathering the broader macroeconomic turbulence well,” Losey said.

Presenting economists appeared to agree that interest rates will fall, but debated exactly when that might happen, with predictions ranging from next year to as many as three years from now.

Building supply

Mark Sprague, State Director of Information Capitol with Independence Title, said it’s important to note that Austin’s housing market has always been different from that of other US cities. Even in the 2008 recession, he points out, Austin saw an 11-month period of stability while many other cities saw steep declines.

“We’re in a unique market, a very educated market, a very dynamic market,” Sprague said. “Our biggest problem is managing our growth.”

What that means for ATX

Events

Thursday, July 27

The Drop-In | Thursday, July 27 | 7 p.m. | The Long Center for the Performing Arts, 701 W. Riverside Dr., Austin | Free | Watch live music at the Long Center’s brand new, 3D-printed stage every Thursday this summer.
“Beauty and The Beast”| Now-Sunday, Aug. 13 | 8 p.m. | Hill Country Galleria, 12700 Hill Country Blvd., Austin | Free | Enjoy the Magnolia Musical Theatre’s production for free until Sunday, Aug. 13.

Friday, July 28

Austin Witches Market @ Leo Zodiac Party | Friday, July 28 | 7-11 p.m. | The Far Out Lounge & Stage, 8504 S. Congress Ave., Austin | $5-$10 | Leos get half off admission at this collective birthday party and market featuring Yarrow & Sage.
Main Course Comedy | Friday, July 28 | 10-11:30 p.m. | Vulcan Gas Company, 418 E. 6th St., Austin | $25-$30 | Strap in for a secret lineup of comedians who have been featured on Netflix, HBO, Comedy Central, and Showtime.

Saturday, July 29

Drink Up deal: Wanderlust Wine Co. | Saturday, July 29 | Times vary | Wanderlust Wine Co., 1601 Barton Springs Rd., Austin | Free | Mention Drink Up Month at this Barton Springs location to upgrade your coffee from 12 oz to 16 oz (between 8 a.m. and 12 p.m.) or top off your wine from a 5-6 oz to 8-9 oz (between 1-5 p.m.).

Events calendar here

Click here to have your event featured.

News Notes

Edu

Russell Lowery-Hart, a former educator at St. Edward’s University, is Austin Community College’s sole finalist for chancellor. He is expected to move into the role next month, when current chancellor Richard Rhodes leaves. (Austin American-Statesman)

Biz

Williamson County’s newest office is a little far from home — 6,927 miles, to be exact. The WilCo Economic Development Partnership’s new office in Seoul, South Korea, is part of an effort to draw economic activity to the county. (FOX 7 Austin)

Announced

The artist lineup for this year’s Waterloo Greenway Creek Show is out, so get ready to see some stunning light displays this fall. Expect to see works inspired by folklore, urban waterways, and flow at the event from Friday, Nov. 10-Saturday, Nov. 18.

Award

Two Austin businesses are on the shortlist for H-E-B’s Quest for Texas Best competition, an award that includes $25,000 and a spot on the grocery store’s shelves. Funky Mello’s Sweet N Salty Dippsterz and Wella Grain Free’s grain-free cereals are the snacks in the running for the prize. (Austin American-Statesman)

Plan Ahead

Spend eight days celebrating Black residents’ contributions to Austin at Jump On It Week, a festival beginning this Sunday, July 30. Attendees can expect to see live music, watch a local celebrity basketball game, and join a parade in almost a dozen different venues. Get tickets.

Environment

If you’ve noticed a few extra 10,000 purple martins in Austin this week, there’s no cause for concern. The phenomenon — aptly dubbed a “bird hurricane” — is a natural part of the bird’s breeding season. (KUT)

Outdoors

There may be a new type of star — and UT Austin director Katherine Freese helped discover it. Katherine and other astrophysicists analyzed images from the James Webb Space Telescope and found three bright objects that might be “dark stars.” These theoretical objects are bigger and brighter than the sun. Take a look.^

Try This

🚌 Consider us your tour guide

Your ultimate guide to tours of Austin

The view of the Tau Ceti mural as seen from the tour bus.

Take in local murals and architecture from the panoramic views of the AO Tours bus. | Photo by ATXtoday

Whether you’re a lifelong Austinite longing to embrace your inner tourist, or you have a limited amount of time in Bat City, here are 15 tours guaranteed to show you the sights you want to see.

Note: Price estimates are based on individual adult rates available at the time of publishing. Check each company’s website to see current pricing.

Art is all around

Arts & Architecture Tour | $61.19 per person
The newest tour from AO Tours offers a two-and-a-half-hour jaunt around ATX’s most beautiful buildings, including stops inside the Austin Central Library, Neill-Cochran House, and Elisabet Ney Museum. Browse other AO Tours.

Austin Murals & Mimosas | $545 per bus, which seats 20 guests
Spend two and a half hours stopping at the city’s best murals and getting photos in front of each of them on this BYOB tour, which includes a stop at Freddo ATX.

13 more tours

Asked

If you could design your dream city tour, which of the following features would you include?

A. Historic landmarks and iconic buildings
B. Local cuisine tastings
C. Street art and vibrant murals
D. Other

Let us know

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The Wrap

Today’s edition by:
London

From the editor

Today I learned that Colorado is not a perfect rectangle — it actually has 697 sides.

Due to some surveying errors in the 19th century, the state is actually considered to be a hexahectaenneacontakaiheptagon.

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