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- Home prices rose 5.4% in 2024
Home prices rose 5.4% in 2024
Plus: Austin is the most affordable metro for renters
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š Good morning! This newsletter keeps you up-to-date with the latest real estate news every Tuesday and Thursday.
Today's newsletter is 669 words ā a 2.5-minute read.
1. Barron Trump is starting a luxury real estate company
President Donald Trumpās youngest son, Barron, is taking steps to start a high-end real estate business with a prep school classmate and a Republican congressmanās cousin, Cameron Roxburgh, as reported by Newsweek.
Trump, 18, incorporated a real estate firm named Trump, Fulcher & Roxburgh Capital Inc. on July 15, 2024, but the firm was dissolved on November 14, 2024, nine days after the president was reelected.
Cameron told Newsweek that they dissolved the company to avoid media attention but planned to relaunch the firm later this year. He added that Trumpās father approved of the idea and provided his son with advice but not funding.
2. Austin is the most affordable metro for renters
According to a new report from Redfin, renters need to earn $63,680 to afford the median asking rent of $1,592 for an apartmentāthe lowest amount required since March 2022.
Renters in Austin earned a median salary of $69,781, which is 25.1% (or $14,021) more than whatās needed to afford the typical apartmentāthe largest gap among major metros. Houston followed with renters earning 17.6% more, and Dallas came next at 10.3% more.
Income required to afford median apartment versus median renter income
Source: Redfin, U.S. Census Bureau
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3. Catch up quick
ā³ How many years it takes to save for a home in your city. (RealtyHop)
āļø Keller Williams sues InsideRE for trademark infringement over BoldTrail branding. (Inman)
šØāš©āš§āš¦ More people in their late 20s are still living with their parents. (NAHB)
šø Homebuilders in Texas are spending the most on incentives. (ResiClub)
š Fun read: $500 billion AI initiative launched in Texas. (CBS)
4. Report: Home prices rose 5.4% in 2024
On Tuesday, Redfin reported that home prices grew 0.4% in December on a seasonally adjusted basis, slightly slower than the 0.5% growth posted in November.
On a year-over-year basis, home prices were up 5.4% in 2024, marking the smallest annual increase in a year since 2015. Redfin also reported that similar growth is expected in 2025.
āPrices will keep going up consistently because itās unlikely there will be enough new inventory to meet buyer demand. We expect there will be slightly more sales this year, largely due to pent-up demand, but there wonāt be enough of an increase in listing activity to put significant downward pressure on prices.ā
5. HUD charges Texas-based Providence Village HOA with racial discrimination
The Texas branch of the largest residential community management company in North America has been charged with racial discrimination by the HUD, after a homeowners association managed by the company banned renters using government assistance from its community in the Dallas suburbs.
Providence Village, a 9,000-resident town, is home to just one of several HOAs in Texas that had rules prohibiting homeowners from renting to anyone receiving Section 8 housing vouchers.
6. Keller Williamsā Mark Willis trades CEO role for a new leadership position
According to an internal email obtained by HousingWire, Mark Willis has stepped down as CEO and president of Keller Williams after 1 year. He will transition to a new role as Chief Leadership Officer, allowing him to focus on teaching and developing leaders within the company while Chief Legal Officer Stacie Herron steps in as interim COO.
"Now, I am excited to take on a new challenge as I transition to a new role that Gary and I have worked together for some time to create. As Chief Leadership Officer, I will focus on helping our leaders grow and achieve their highest potentialā.
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