Property Management News

Red hot home sales during the pandemic have cooled and that could have consequences for one of the main revenues local governments rely on. But the outlook varies place to place. As quickly as the housing market heated up during the pandemic, it’s cooling down. At the beginning of this summer, home prices were nearly 16% higher than the previous year and up nearly 9% from the beginning of this year, according to the CoreLogic Case-Shiller Home Price Index. But in July prices dropped 0.2%—marking the first national decline since 2012. Most experts and local government officials expect the market to slow considerably over the next year. In fact, Fitch Ratings estimates that... Read more

Adam and Tahnya Gaston arrived in this Austin suburb in June with a toddler, a dog and enough money for a down payment. But within days they scrapped their plans for buying a house, deterred by soaring home prices and rising mortgage rates. Instead, they’re paying $4,000 a month to lease a three-story house in a new development aimed squarely at renters. As the housing market sours, families around the country are eschewing homeownership and turning instead to new homes in rental-only developments such as the one where the Gastons landed. When completed, the Oaks on Chisholm Trail will have 113 stand-alone homes, each with a kitchen island, two-car garage and tiny plot of... Read more