Austin, San Antonio, and Dallas are among 28 markets where home prices are falling

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Today's newsletter is 520 words — a 2.5-minute read.

1. Austin, San Antonio, and Dallas are among 28 markets where home prices are falling

According to the Zillow Home Value Index, Texas housing markets are seeing notable price drops as inventory levels rise above pre-pandemic levels.

In 2024, Austin home prices fell by 3.4%, San Antonio by 2.4%, and Dallas by 0.5%.

2. Inside the Texas real estate portfolio of Elon Musk

Elon Musk is solidifying his presence in Texas, associating his migration with the state's business-friendly environment and the absence of California's progressive regulations.

Musk owns roughly 3,900 acres across the state, valued at $3.4 billion, with significant projects underway.

• Snailbrook: Near Austin, Musk is developing a community featuring SpaceX’s Starlink factory, Hyperloop Plaza, and amenities like pickleball courts and The Boring Company headquarters.

• Starbase: In Boca Chica, Musk aims to establish a town around SpaceX’s launch site, despite local resistance, and owns 900 acres for infrastructure, including a private bar and future employee-focused facilities.

• Austin Area: Tesla’s Gigafactory, Neuralink offices, and Musk’s family compound highlight his expansion near Texas’s capital, where he controls 2,500 acres.

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3. Catch up quick

🤔 Texas officials dispute Boerne's 'unaffordable' status. (MySA)

🎉 Sherry Chris, former Anywhere executive advisor, named special adviser to NAR CEO. (NAR)

⚖️ Berkshire-owned lender, Vanderbilt Mortgage and Finance, sued by CFPB over ‘unaffordable’ loans. (Reuters)

⏳ A third of renters are staying in the same house for at least 5 years. (Redfin)

🎄 Fun read: Austin family featured on “Extreme Makeover: Home Edition.” (Axios)

4. Redfin reports new listings rose 8%

During the four weeks that ended Dec. 29, new listings rose 8%, and the total number of available homes for sale rose 10% according to a report by Redfin.

Although supply increased toward the end of the year, year-over-year pending home sales fell 1.1%.

Meanwhile, the median asking price rose 5.6% to $373,500, and the median sale price increased 6.4% to $383,750, marking the biggest increase since October 2022.

5. Batton plaintiff appeals NAR settlement approval

James Mullis, a plaintiff in the Batton Home Buyer Commission lawsuit, is joining the growing list of parties who have appealed the final approval of the settlement agreements reached by the NAR and HomeServices of America.

Mullis filed his appeal on December 24, 2024, in the Eighth Circuit Court of Appeals.

Due to what Mullis believes is vagueness in the settlement, he asked the court to clarify the language to ensure that the settlements cannot be purported to also release the Batton and Lutz homebuyer claims.

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