The Austin City Council could give final approval Thursday for the massive redevelopment of the old American-Statesman site.
Why it matters: Positioned against Lady Bird Lake and the Ann Richards Bridge, the 19-acre tract is possibly the most valuable underdeveloped site in the city.
Though our market may be improving a bit for buyers, monthly mortgage payments are still significantly more expensive today.
What's happening: The monthly payment for a typical U.S. home is about $1,850 — $800 (75%) higher than a year ago.
Austin's super-tower arms race has a new entrant.
Driving the news: Austin-based real estate developer Wilson Capital announced plans Monday for Wilson Tower, an 80-story apartment building at 410 E. Fifth St.
The Austin metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.
Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers have waited a long time for a little relief.
Even as sales are slowing, home prices in Austin are bananas compared to where they were just a couple of years ago.
Why it matters: The minimum income needed to afford a typical house has doubled since 2020 in several major metro areas, including Austin, according to data from Zillow, writes Axios' Emily Peck.
With a median rent for new listings of $2,930, Austin is still one of the most expensive cities for renters, per the latest from rental company Dwellsy.
Why it matters: Already-expensive rents have climbed in 2022, making it harder for people to afford housing close in.
New apartment construction in Austin is on the uptick.
The big picture: The skyrocketing cost of housing is at least partly a supply issue, as Austin's population ballooned with coastal tech-industry emigres during a pandemic that reconceived where we could work.
The Austin home-market has indubitably cooled off, with inventory up and asking prices routinely slashed, leaving some homeowners suddenly anxious about their selling prospects.
Why it matters: The last couple years, buyers have been the ones fretting — now it's the seller's turn.
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