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Despite a pandemic and record-low inventory, the Austin housing market had a record-breaking year in 2020.
The median home price in the five-county Austin-Round Rock metro increased by nearly 16%, to an all-time high of $370,000, in December, and residential home sales increased more than 16% year-over-year, according to the latest monthly and year-end reports from the Austin Board of Realtors.
The city of Austin saw even more dramatic growth, with the median sales price rising nearly 19% to $461,000—a new monthly record—in December. Residential home sales increased 16.4%, year-over-year.
ABoR officials attributed this growth, in part, to the impact of COVID-19.
"The pandemic only increased demand for all types of housing across the region, pushing inventory to near-zero levels and creating the strongest sellers' market Realtors have ever seen," ABoR President Susan Horton said in a statement.
Dr. James Gaines, former chief economist for the Texas Real Estate Research Center, added: "The pandemic fostered an environment where many families increased personal savings, helping some transition from renting to ownership while others needed to 'move up' for more space while working from home."
Extremely low housing inventory factors into these jumps, with a record-low amount of housing inventory reported in the metro last month, according to ABoR.
"The complexity of a home sale is at an all-time high as it has become commonplace for homes to receive multiple offers well over list price," Horton said.
Horton's predecessor, Romeo Manzanilla, raised concerns about this trend.
"Central Texans who could not find a property within Austin's city limits have historically been able to expand their searches outward to find a home," he said in a statement last month. "But, when the entire region has virtually zero inventory, its leaders must think about how such a broad lack of housing will ultimately impact Austin's sustainability as a destination for business and economic growth."
Demand for housing is amplified by an influx of new residents.
Last month, the Wall Street Journal dubbed Austin a magnet for new corporate jobs, thanks to its lower costs (and taxes) compared to San Francisco and New York City. And LinkedIn reported that Austin gained the most newcomers of any city in the country, based on an analysis of its 174 U.S. users.
Overall, Gaines said the outlook for the 2021 housing market is "very good."
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Austonia file photo. (Christa McWhirter/Austonia)
Police have arrested one of two suspects involved in a mass shooting at Austin's Sixth Street in the early morning hours on Saturday, leaving 14 people injured and two in critical condition.
The arrest was made by the Austin Police Department and the Lone Star Fugitive Task Force. One suspect is still at large.
Police started receiving 911 phone calls at 1:24 a.m about a man that fired shots into a large crowd, and responded to a chaotic scene on the 400 block of East Sixth Street. Detectives are surveying video footage captured by bystanders and cameras on the scene to identify the suspect.
The Austin Police Department has narrowed down their search to two male suspects and believes there was "some type of disturbance" between the two parties.
No deaths have been reported. Fourteen victims are receiving treatment in a hospital in stable condition with one treated in an emergency room; two are in critical condition.
According to Interim Police Chief Joseph Chacon, "almost all" of the victims are innocent bystanders but police have not ruled anyone out at this time.
Shooting on 6th Street Austin Texas 6-12-2021 (Aftermath) youtu.be
The shooting occurred on the weekend of the Republic of Texas Motorcycle Rally. With lots of people downtown, police say it was difficult to get EMS in and out of the scene. Police arrived while the scene was still an "active threat," officers "immediately began lifesaving measures" and drove six victims to the hospital in their squad cars, said Chacon, and four were transported in ambulances.
Chacon said that the incident is believed to be isolated, and they optimistic they will be successful in getting the two suspects into custody. Multiple departments, including APD, the FBI, Texas DPS and the ATF, are involved in the investigation.
Austin police are also requesting state troopers for patrol assistance in the coming days. Chacon stressed staffing issues are increasingly making responding to emergency calls "very hard."
"Overall, we remain a safe city," Chacon said. "Also keep in mind when you come downtown, you need to be safety conscious. Be vigilant of your environment and your surroundings."
Today marks the five-year anniversary of the Pulse nightclub shooting in which 49 were killed and 53 wounded in Orlando, Florida. Anyone with information on the shooting is asked to call 911 or 512-472-TIPS.
This story was updated at 2:47 p.m. to include new information and will be updated as more details are revealed.
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Austin police are investigating a homicide in North Austin where a woman was shot and killed, just hours after a mass shooting in Downtown Austin hospitalized 14 people.
APD is working a suspicious death near the 1900 block of W Rundberg Ln. PIO is en route and will update with media staging location. PIO6
— Austin Police Department (@Austin_Police) June 12, 2021
Police originally responded to Ironhorse Flats Apartments, 1900 block of W. Rundberg Lane, at 3:20 p.m. when they found the woman with multiple gunshot wounds. She was transported to a local hospital, where she was pronounced dead at 4:07 p.m.
No one is in custody as of yet but police are speaking with potential witnesses. Officials said they believe this was an isolated incident with no danger to the public but said possible relation to the downtown shooting has not been specifically ruled out.
Officers could not provide a suspect description and the relationship to the victim is still unknown.
This is a developing story that will be updated as details become available.
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