A closer look
The passage of the Home Options for Middle-income Empowerment initiative in May is set to bring about the biggest change in multifamily housing options, ABoR and Unlock MLS Director Austin Stowell said.
Builders will now have a choice in how many units are built and the size of the units as opposed to being limited by city code, he said.
“I think that we've all been pigeonholed for years into either building a giant single family house, or [figuring] out a way to meet the market which is a 1,100-square-foot unit,” Stowell said.
Proponents of the initiative have said the changes could make housing in Austin more accessible and affordable by helping cut land and development costs and bring more supply to the market.
Austin City Manager T.C. Broadnax also said City Council will continue to find ways to make the permitting and building process easier, particularly around removing barriers that add more time or complexity for those trying to navigate the requirements of the Development Services Department.
"It was really a sobering conversation earlier to hear people's sentiment about what they see and experience when they come and do business with the city," Broadnax said. "[It's] understanding that we can lay out all the land use development codes and requests for subdividing lots and [add] more units on lots, but if people can't actually associate with those things [on] the ground, then it's just paper and conversation."
What else?
ABoR Housing Economist Clare Knapp also shared information from the 2024 Central Texas International Homebuyers Report, which shows the region continues to bring in international homebuyers, sellers and investors despite economic challenges.
Per the report, one in six new Austin-area residents have relocated from abroad over the past decade. International homebuyers contributed $618 million to the Central Texas economy between April 2023 and March 2024, with Mexico as the top country of origin for international homebuyers at 20%. India followed at 17%, Canada at 7% and China and Brazil both at 5%.
The report also indicates more than 40% of international buyers purchase residential property in Travis County, while 21% bought in Williamson County, 14% in Hays County and 11% in Bastrop and Caldwell counties combined.
In other news
ABoR officials announced during the summit a new data share agreement with the Houston Association of Realtors and San Antonio Board of Realtors which will give Multiple Listing Service subscribers access to real estate listings across the Houston, San Antonio and Austin regions by the end of the year.
This equates to access to nearly 60% of listings on the Texas housing market, according to officials.
ABoR CEO Emily Chenevert said the agreement will help Realtors bring "more robust and tailored market expertise" to their clients.
