Real Estate Report

Austin home sales take a dip as prices continue to rise rapidly

Austin-area home prices are rising at a rapid rate. Photo courtesy of Turnquist Partners

Austin-area home sales are slowing down, if only slightly, according to a new report from the Austin Board of Realtors. Home prices, however, are still on the rise.

In May 2015, 2,767 single-family homes were sold in Austin, a 2 percent decrease from May 2014. While sales dipped, prices continued to increase "at a rapid rate that is outpacing historical appreciation," explains an ABoR release.

According to the report the median price for Austin-area single-family homes in May 2015 increased 9 percent year-over-year to $271,000. During the same time frame, the average home price increased 7 percent to $348,201. The May 2015 average home price was also about $7,000 higher than April 2015 ($341,054).

"The majority of homes entering the market continue to be priced outside of an affordable price range for many residents," notes ABoR. "Only 25 percent of single-family housing options in Central Texas below $200,000."

"Affordability remains an issue across the region, identifying a need for Central Texas to address the 'missing middle' with an influx of diverse housing stock," said Barb Cooper, ABoR president.

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SAFE housing

Austin org breaks ground on new housing for family violence survivors

The SAFE Alliance is extending its capacity with new housing. Photo courtesy of the City of Austin

A well-known organization for helping Austinites escape unsafe living situations, the SAFE Alliance, is expanding its capacity. SAFE and its city partners broke ground on The Sasha, a 60-unit supportive housing community, on March 12. An opening date is projected for Spring 2027.

The SAFE Alliance (SAFE) Affordable Housing Corporation will own the site and DMA Development Company will develop it; but the project is also receiving support from the City of Austin Housing Department and the Austin Housing Finance Corporation (AHFC).

The site is located on the existing SAFE campus at 1325 Grove Blvd. When it's complete, The Sasha will be split half-and-half — 30 units each — between transitional housing and supportive housing, which usually includes services such as case management and counseling.

All 60 units will be available to people making 30-50 percent of Austin's median family income (MFI): that means an income cap of $30,250 or $50,400 for a two-person "household," depending on the unit and shifting with the number of people moving in.

A press release from the city points out that the site is located within walking distance of public transit options such as high-frequency buses and a corridor designed with bikers and pedestrians in mind.

The Sasha is made possible through a variety of loans and tax cuts including an $8.495 million loan from the City of Austin’s Rental Housing Development Assistance (RHDA) Program and 9 percent Low-Income Housing Tax Credits (LIHTC). The loans from various sources totaled about $19 million.

"We are dedicated to providing every resident with a safe and stable home. The Sasha is a critical step in meeting the needs of our community's most vulnerable residents — survivors of family violence who are experiencing homelessness," said interim director for the Housing Department Mandy DeMayo in the release. "Through partnerships and strategic investments, we are proud to support this development, which will provide housing and the supportive services necessary for long-term stability and healing."

SAFE helps individuals and families from a broad set of circumstances that might cause violence and abuse across multiple generations. Namely, that means allowing people to move out of situations where they are experiencing family violence or sexual assault, harassment, or trafficking. It also works with people who are transitioning out of homelessness or the foster care system. Although SAFE is often recommended for women and children, its open to all survivors.

"There aren’t similar resources in the community that provide a continuum of care from transitional to permanent supportive housing for survivors of violence and abuse," said SAFE CEO Julia Spann. "Housing is violence prevention. Without housing, survivors are forced back into dangerous situations. Everyone deserves to feel safe in their home.

safety housing affordable housing families