Nationwide housing prices could be due for a breath of fresh air—economists say inventory is spiking while the Federal Reserve puts pressure on mortgage rates—but Austin may have to wait a while.
A report from Fortune and CoreLogic, predicts that home prices will rise by 5% between May 2022 and May 2023. However, some industry experts say that lagging data could be hiding rapidly dropping prices.
Austin may have to wait it out, as the report says the city has a “very low” or 0%-20% chance of seeing home prices drop in the region.
In its report, CoreLogic said it looked at 392 regional markets and found that only 98 of them had higher than a 50% chance of dropping in price. Austin was one of 84 markets in the “very low,” while no studied market in Texas rose above the “low” category.
While Austin has seen more than a 200% increase in inventory in 2022, CoreLogic said it also comes in as 60% overvalued.
While the nationwide mortgage rate floats around 5.5%, firms like John Burns Real Estate Consulting and Moody's Analytics predict that “bubbly” markets—which saw home prices spike outside of the economic norm—are slowing the most right now.
CoreLogic argues that those inflated markets are vulnerable due to pandemic-induced population decrease, or in Austin’s case, strained affordability.
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Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.
There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.
All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.
🗓 All weekend
Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities
All weekend 6 p.m - 10 p.m | 📍Waterloo Park
This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.
6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703
This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.
10 a.m - 11 a.m | 📍 Metz Park
Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.
Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.
11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway