SpaceX, X HQs coming to Texas

🌇 Good morning and welcome back. This is the newsletter that brings you the top real estate news in Texas. Let’s dive in…

Today's newsletter is 434 words — a 2-minute read.

1. Elon Musk plans to move X, SpaceX HQs to Texas

Elon Musk said on July 16 that he will move X headquarters from San Francisco to Austin. He also said that he will move SpaceX HQ from Hawthorne to Starbase in South Texas where it is developing plans to one day send humans to Mars.

Musk posted on X that the SAFETY Act signed by California Gov. Gavin Newsom was “the final straw,” causing him to move his companies to Texas.

2. Inventory rises as Houston home sales cool in June

The Houston housing market experienced a slowdown with home sales falling below 2023 levels for the second consecutive month.

This slowdown happened as more homes became available, giving buyers more options.

According to Houston Association of Realtors’ (HAR) June 2024 market update:

• Single-family home sales across the Greater Houston area declined by 11.6 percent year-over-year.

• The months' supply of homes rose from 3.0 to 4.3, the highest in over a decade.

3. Catch up quick

🔝 Austin tops as the best place for millennials to live & work in 2024. (CommercialCafe)

🏘️ ICON printing new neighborhood in Wimberley, Hays County. (ICON)

🏅 Texas Athletes heading to the Paris 2024 Olympics. (KXAN)

🚀 Rocket Mortgage, appraisal companies accused of racial bias by HUD. (Scotsman)

⚡️ Austin updates land development code. (SPartnerships)

4. Surge in housing inventory defines H1’2024 in Central Texas housing market

According to the June and Mid-Year 2024, Central Texas Housing Report released by Unlock MLS, active home listings in June increased 25.9% to 13,227 listings.

This increase, coupled with the rise in mortgage rates in late April and early May, induced a decline of 6.3% to the median sales price of $450,000 in June, providing buyers with the highest level of inventory.

5. Consumer watchdog CFA releases criteria for evaluating home buyer contract forms

The Consumer Federation of America (CFA) is back with recommendations for brokerages and organizations working to create new and revised buyer agency agreements ahead of the August 17 deadline.

CFA proposes 15 criteria for evaluation. Four relate to the agreement’s form – is it readable and understandable? And 11 relates to the contract’s content – is it fair to consumers?

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.