Austin leads nation in rent drop: Realtor.com

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Today's newsletter is 461 words — a 2.5-minute read.

1. Austin leads nation in rent drop: Realtor.com

Austin metro area apartment rents continue to drop, easing concerns that they would skyrocket to no end and price out locals amid frenzied growth during the pandemic.

The median rent for the Austin-Round Rock metro fell to $1,577 in March, marking a 4.7 percent year-over-year decline, which was the largest drop among the nation’s 50 largest metros, Realtor.com reported.

Following Austin on the list were Memphis, St. Louis, Atlanta, and Miami, which experienced year-over-year declines of 4.4%, 4.0%, 3.7%, and 3.6%, respectively.

2. A cooler jobs report gives hope for a rate cut

In April, U.S. employers scaled back hiring, and the unemployment rate rose, suggesting a possible cooling of the labor market after a strong start to the year.

• Nonfarm payrolls, a measure of employment, advanced just 175,000 last month, marking the smallest gain in six months. Average hourly earnings climbed 3.9% YoY, the slowest pace since June 2021.

A cooler job market reduces inflation pressures, which may prompt the Federal Reserve to lower interest rates, potentially stabilizing or lowering mortgage rates.

3. Catch up quick

💰 Dallas voters approve $82M in bond funds aimed at housing relief. (BisNow)

✍️ NAR clarifies when a buyer contract will be required under settlement. (HW)

💸 BackFlip raises $15M to create a “one-stop shop” for entrepreneurs seeking the education and financing needed to flip homes. (Finsmes)

🤝 Redfin settles commission lawsuits for $9.25 million. (AP News)

4. Houston firm scores $100M loan for Galveston’s first new condos in 15 years

Houston-based real estate firm, Satya, has ignited a significant development in Galveston's real estate market by securing a $100 million construction loan for the first condominium development in the area in 15 years.

• Satya secured the loan from Laredo-based International Bank of Commerce for the development.

Named Tiara on the Beach, this 10-story glass-encased building represents not only a substantial investment in Galveston’s West End but also a pivotal moment for the local housing market. LINK

5. Dallas developer, ‘Marrying Millions’ star pleads guilty to sex crime in California

Dallas real estate developer and TV personality William "Bill" Hutchinson pleaded guilty this week to a misdemeanor sexual battery charge in Orange County California, in connection to an assault of a minor in Laguna Beach in 2021, the Orange County District Attorney’s Office has confirmed.

Hutchinson, 65, was sentenced to three years’ probation and will be required to register as a sex offender, court records show. LINK

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