Never miss a story
Sign up for our free daily morning email...
...and afternoon text update

become a member

(Christa McWhirter)

Home sales in the five-county Austin metro declined 8% year-over-year in February after the winter storm "thwarted housing market activity for nearly two weeks," according to the Austin Board of Realtors' latest monthly report. This is the first time sales have dipped since June 2020, but the organization expects a quick recovery given that demand remains high.

"Although the winter storms slowed activity in February, this does not indicate a market slowdown," ABoR President Susan Horton said in a statement. "We're still very much in a seller's market."

Despite the decrease in the number of sales last month, the median home price continued to rise—increasing 22.5% year-over-year to an all-time high of $395,000. Market demand also drove the housing inventory down to a record low of 0.4 months of inventory, which means that if no other homes were listed the current inventory would sell in a week. A balanced housing market has 6 to 6.5 months of inventory, according to the Texas Real Estate Research Center.

Low inventory is not a new problem in the Austin housing market. But combined with a nationwide inventory shortage and rising mortgage rates, it could leave prospective homebuyers in a vice grip. "Until we have more supply, the lack of inventory and prices rising nationwide are going to present challenges for homebuyers," National Association of Realtors Chief Economist and Senior Vice President of Research Lawrence Yun said in a statement.

Market trends in the city of Austin mirrored those in the larger metro, according to the report. Sales decreased 4.6% year-over-year to 834 in the month of February, while the median sales price spiked 24.3% to $491,000—an all-time high—over the same time period. Inventory also fell slightly, from 0.6 months to 0.5 months.


Artist Chris Rogers painted this East Austin mural after the May 25 police killing of George Floyd, center. Mike Ramos, third from left, was shot to death by an Austin police officer on April 24. (Austonia)

Former Minneapolis police officer Derek Chauvin was found guilty on three charges—second- and third-degree murder as well as manslaughter—in the killing of George Floyd, an unarmed Black man whose final moments were recorded by onlookers, sparking a global protest movement over police violence and racial injustice. He faces up to 40 years in prison.

Jurors deliberated for 10 hours over two days after an intense, three-week trial before reaching a verdict Tuesday afternoon, four days shy of the first anniversary of the Austin police killing of Mike Ramos, an unarmed, 42-year-old Black and Hispanic man whose name became a rallying cry—along with Floyd's—for Austin protestors, who marched en masse last summer, prompting some police reforms.

Keep Reading Show less

Miami and Austin are going head-to-head for tech transplants. (Pexels)

Californians love Texas, and Austin—with its liberal politics, relatively affordable housing and job opportunities—is particularly adored. In fact, the Lone Star State was the main recipient of departing Californians in 2019, according to the latest available U.S. Census Bureau data.

But other states, including Florida, are seeing increased interest. Miami Mayor Francis Suarez has made a name for himself on Twitter recruiting techies and hyping up his city, which has a lot in common with Austin—with the added benefit of a beach and sans the "Don't California my Texas" attitude.

Keep Reading Show less

(Austin FC/Twitter)

In the days after Austin FC's inaugural match against LAFC on Saturday, Head Coach Josh Wolff says he's watched the game "a number of times, to say the least."

In the match, Wolff and over 500,000 other viewers looked on as Austin FC took to the pitch for the first time, held their own in the first half against LAFC and eventually fell 2-0 to a team that's sometimes regarded as the best in the league.

Keep Reading Show less