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Escalating Building Costs Pose Pricing ProblemBuilders are finding it increasingly difficult to build a home for under $150,000, despite the rising consumer demand for more affordable home options.

The median sales price of a new single-family homes in 2015 was just under $300,000, according to the National Association of Home Builders. About 78 percent of new homes were priced between $150,000 and $500,000. But a closer look at the data shows that less than 6 percent were priced under $150,000 and an even smaller share under $100,000.

Yet, a 2015 Home Buyer Preference Survey conducted by NAHB shows that 31 percent of recent or prospective home shoppers say they expect to pay less than $150,000 for a home. Fifteen percent expect to pay under $100,000.

“The costs of acquiring land, developing it into

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Eight of the top 10 wealthiest ZIP codes in the Austin area are in Travis County, but it’s not all about income.

Every year research firm Esri ranks areas based on their proprietary method of calculating affluence per ZIP code. Metrics include population, home values, income, net worth and disposable income, among other factors.

Surprisingly, some affluent neighborhoods such as downtown's 78701 (No. 44) and SoCo's 78704 (No. 59), with high percentage of renters, did not rank as high as they would have if just considering income. Neighborhoods such as those are havens for renters.

Click on the link below to see a slideshow of the 10 wealthiest ZIPs. ABJ subscribers can see the entire list attached below or by going here. Only ZIP codes in Travis,

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Eight of the top 10 wealthiest ZIP codes in the Austin area are in Travis County, but it’s not all about income.

Every year research firm Esri ranks areas based on their proprietary method of calculating affluence per ZIP code. Metrics include population, home values, income, net worth and disposable income, among other factors.

Surprisingly, some affluent neighborhoods such as downtown's 78701 (No. 44) and SoCo's 78704 (No. 59), with high percentage of renters, did not rank as high as they would have if just considering income. Neighborhoods such as those are havens for renters.

Click on the link below to see a slideshow of the 10 wealthiest ZIPs. ABJ subscribers can see the entire list attached below or by going here. Only ZIP codes in Travis,

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Single-family homes sales in Central Texas dropped 4.9 percent last month to 2,900 sales, according to the July 2016 Central Texas Housing Market Report released by the Austin Board of Realtors.

Median prices across the five-county​ area rose 5.6 percent year-over-year to $285,000.

Housing inventory dropped to near-critical levels of 2.8 months.​ 

http://www.abor.com/statsjul16/ 

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A woman in Nashville ran into an unusual problem after buying her first home: The seller is now refusing to leave.

“It’s been a nightmare,” Tamara Holloway told News 2 in Nashville. “The seller has essentially pirated my house. Holloway closed on the home on June 1. There is nothing in the contract stating that the seller can stay past that date. But Justin McCrory, the home seller, says he’s lived in the property for four years and he doesn’t plan to leave.

“The transaction went through and they’re getting a good clean property,” McCrory told reporters. “What’s the problem? ... I technically don’t have to go anywhere. They’d have to evict me and they’re not having that.”

Holloway filed a detainer warrant last week. That is the first step of the

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Developers of the Grove at Shoal Creek have put worries about a lawsuit behind them.

Twenty Austin residents concerned about the proposed mixed-use development near MoPac Expressway at 45th Street filed a lawsuit on April 26, but developer ARG Bull Creek Ltd. issued a statement late on Aug. 19 that said a Travis County court has dismissed the suit because it lacked jurisdiction.

"This decision eliminates an unwarranted distraction from the City’s approval process, and allows the Austin City Council to focus on the merits of The Grove’s zoning approval on September 22, and take a vote that is fully consistent with established governmental process," ARG announced.

"While dismissed based on jurisdictional grounds," the statement went on to say, "ARG

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Home buyers want to know specifics about the homes that pique their interest. So be proactive and address their questions upfront by finding the answers to some of the following questions from your sellers before you list.

1. How old is the home? When was it last renovated?

2. How old is the roof?

3. What structures or fixtures are included in the list price? For example, is the seller OK with the appliances, ceiling fans, swing set, window treatments, and shed being included in the sale?

4. What are the home’s annual costs for upkeep? Provide estimates for electric, water, gas, trash, pool maintenance, lawn care, homeowners’ association, and any other regular fees associated with the home.

5. How is the home heated or cooled? How old are the units?

6.

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Austin-area private employers continued to post strong job growth rates in July, despite the usual summer dip in government jobs, according to new data from the Texas Workforce Commission.

Private sector job numbers typically hold steady or drop slightly during July, but last month payrolls increased by 0.3 percent. While not a huge deviation, the figure shows the ongoing strength of Austin’s private sector.

The construction industry added 1,300 jobs in July. The industry grew by 6,800 jobs since the same time last year, the commission reported.

Professional and business services, which includes many of the region’s technology occupations, also shined in July, adding 3,200 jobs.

As is typical with schools being out of session over the summer,

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96 Austin companies made the Inc. 5000, highlighting the nation’s fastest growing companies.

Outbound Engine Inc. led the way for Austin companies finishing 95th with revenues of $9.7M, up over 3000% from the prior year.

Other Austin standouts, reported by the ABJ, include:

  • Yeti Coolers was the nation's 510th-fastest grower at 748 percent and revenue of nearly $469 million as it prepares for an IPO
  • Camp Gladiator, the co-founders of which will be sitting down with Austin Business Journal Editor Colin Pope soon, reported 257 percent growth and revenue of $15.8 million
  • Two coffee makers ranked as some of the fastest growing in Austin: Chamelon Cold-Brew, with revenue growth of 2,507 percent, and Kohana Coffee at 1,767 percent
  • A number
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States Where Homes Sell in Less Than a MonthIn some locales, at least half of the properties sold between March and May were on the market for 30 days or less, according to the latest REALTORS® Confidence Index Survey Report. Properties sold the fastest in 12 states: California, Colorado, District of Columbia, Idaho, Iowa, Kansas, Massachusetts, Minnesota, Nebraska, Oregon, Texas, Utah, and Washington, the report shows.

Properties are selling faster nationwide, too. In May, homes across the country were typically on the market for 32 days on average (compared to 39 days a year ago). Short sales tended to stay on the market the longest amount of time, at 103 days on average, while foreclosed properties were on the market for 51 days. Non-distressed properties stayed on the market for an average of

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