Real Estate

Nicole Cobler
May 19, 2022 - News

Heading into summer, Austin housing market remains hot

Illustration of a for sale sign with an upward trending line instead of the sign.
Illustration: Aïda Amer/Axios

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.

Why it's so hard to buy a house in Austin

Data: National Association of Realtors; Chart: Axios Visuals
Data: National Association of Realtors; Chart: Axios Visuals

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.

Poke Bay, Kung Fu Tea to close after UT purchase

A line stretches outside Poke Bay and Kung Fu Tea near the University of Texas campus. Photo: Nicole Cobler/Axios

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.

Asher Price
May 10, 2022 - Business

A peek at the future of Texas pool-sharing

Illustration of a dollar sign made out of the tiles at the bottom of a pool.
Illustration: Brendan Lynch/Axios

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.

Surging mortgage rates make homebuying more expensive for Austin

Illustration of a house's roof being taken off by a trend line soaring upward through the home
Illustration: Annelise Capossela/Axios

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.

Brianna Crane
Updated May 7, 2022 - Real Estate

Austin home tour: See inside this moody, modern Westlake townhouse

austin home tour modern townhouse in westlake hills
Photo: Lenoid Furmansky, courtesy of Breathe Design Studio

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.

Asher Price
May 3, 2022 - News

Why a real estate company texts you about buying your home

Illustration of a text message bubble shaped like a house with dollar signs in it, and a responding text bubble with a swearing emoji in it.
Illustration: Brendan Lynch/Axios

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.

Asher Price
May 2, 2022 - News

Austinites need to make more money to buy a home

An illustration of houses rising higher.
Illustration: Sarah Grillo/Axios

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.

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