Real Estate

Austin's housing market continues to break records.

The big picture: Median home prices in the metro climbed in April, up 19.6% compared to one year ago to a record $550,000, per the latest housing report from the Austin Board of Realtors.

Nearly a quarter of all Austin home and condo purchases in the last 12 months or so have been all-cash transactions, per data obtained by Axios.

The big picture: It's the latest sign that the housing market is still extremely tight, as deep-pocketed buyers try to distinguish themselves from the competition.

Dozens of customers wrapped around the building that houses Poke Bay and Kung Fu Tea over the lunch hour Wednesday as a viral video about the University of Texas' purchase of the land near campus gained traction among residents and students.

Driving the news: The TikTok video created by Angelica Song, daughter of Poke Bay owner Paul Song, spurred outrage among students and motivated an onslaught of customers, alarmed to hear that the business would close in just a few weeks.

As near triple-digit temperatures descend on Texas, pool time is taking on greater appeal.

The big picture: Nascent pool-sharing companies are betting that the market for opening up private homes to leisure activities extends beyond the pandemic — and are making a big push in Texas this summer.

Mortgage rates surpassed 5% — their highest in more than a decade, according to data shared by Freddie Mac.

Why it matters: Low mortgage rates made buying in a sellers' market more affordable in the pandemic.

With its saturated jewel tones and warm walnut woods, this townhouse is a sleek, Scandinavian-inspired dream brought to life by Austin-based interior designer Christine Turknett.

The basics: At 2,029 square feet, the three-bedroom, three-bathroom townhouse is located in Westlake, just west of downtown Austin.

Austin homeowners have been bombarded by mail, phone and text with unsolicited offers to buy your place.

Why it matters: The offers can feel intrusive and — especially those that include a Google street view of your property — a little creepy.

Austinites have to earn 40% more than a year ago to afford the region's median-value home, per a new analysis by real estate company Redfin.

The big picture: The income needed to afford a home began climbing at the start of last year and spiked further this year as soaring demand, limited inventory and increasing mortgage rates drove rapidly rising sale prices.