DFW Forecast As Top Housing Market in 2024
DFW: Resilient. The Dallas-Fort Worth home sales market continues to be hot. given the economic challenges besetting other parts of the country or other industries. A new report shows that existing and new single-family home sales in Dallas-Fort Worth in June were down just 4% from a year ago. The Texas Real Estate Research Center at Texas A&M and the North Texas Real Estate Information Systems says that 8,750 single-family homes of the 18,000 homes on the market were sold last month through the multiple listing services. Nationally single-family home sales are down more than 10% from a year ago. The recent report on DFW homes also noted that the single-family median home price was $415,000, still down from its peak o f $435,000 in the second quarter of 2022, but much higher than the $380,000 median price at the beginning of 2023. A lack of inventory and higher mortgage interest rates have kept many potential homebuyers on the sidelines. Even so. real estate agents in many parts of the region report that appropriately priced homes in sought-after neighborhoods continue to sell quickly and at asking price or slightly above. Industry analysts point to that the region's economic stability is driven by a diverse economy and migration and business relocations from other parts of the country.
DFW: And that lack of existing homes on the market was a boon to area home builders in the spring. Residential Strategies says in a new report that area builders sold a record 14,397 homes between April and June. That's up nearly 5% from the second quarter of 2022, Residential Strategies is a housing industry research company that analyzes the single-family home building industry. Many of the homes sold in the spring were among those built before the industry pulled back on construction because of increased costs due to higher interest rates. It is not uncommon for builders to offer discounts and other incentives to motivated buyers. Area builders are now revamping their construction because of increased demand and shortage of housing. Residential Strategies says that area buiIders began construction on more than 1!4,700 homes in the second quarter.
DFW: Would-be homeowners were not the only ones in the hunt for new digs in the spring. Demand for apartments is up after weak demand in the past few months. says RealPage of Richardson. a research and data company serving the rental property market. For the second quarter. net leasing was up more than 5,500 units. the best uptick in the past year. Because of rising monthly rates in the past year, many renters stayed where they were. not only in North Texas but in other parts of the country. And after a slowdown in construction in the past year, builders are scrambling to build and open new units. In North Texas. nearly 8,000 new apartment units were available in the second quarter and more than 70,000 units are in the development/construction pipeline. And some good news for renters. says RealPage. Rents rose less than 1% in the past quarter. averaging $1,550 a month. And the good news for builders and property managers: the occupancy rate is about 93%.
AUSTIN: It took a couple of special legislative sessions and some choice words from Texas' top state leaders but billions of dollars in property tax relief is a step closer to reality. The nearly $13 billion package is comprised of three bills that await Governor Greg Abbott's expected signature-one calling for property tax cuts; another that offers tax savings for small businesses. commercial and non-homesteaded properties and a constitutional amendment to authorize the tax cuts. While some busin esses would pay more taxes under the plans if voters approve the constitutional amendment in November, nearly 6 million Texas homeowners could see property tax cuts of more than 40%. That means school districts wi II get billiorns of dollars from the state in order to cut taxes for homeowners. The package also includes relief for small businesses and properties. including second homes. vacation homes. and rental homes that do not have homestead exemptions.
CALI: Director James Cameron's 100-acre Ca ifornia coastal ranch estate could serve as an idyllicbackdrop for a movie set. And it's all for sa1e for $33 million. The director behirnd the "Titanic" and "Avatar" blockbusters and his wife Suzy Amis Cameron bought the Santa Barbara horse property two decades ago for $4.3 million. They have reimagined and upgraded the infrastructure, its grounds and the 8,000-square-foot five-bedroom. seven-bathroom primary residence and a 2,000-square-foot guesthouse. The big house has lots of windows and doors to allow for dramatic views of the Pacific Ocean. It has a giant main room with vaulted ceilings with rustic wood beams and stone floors a chef's kitchen and cozy dining area. two offices. a media room. game room and gym, plus a tennis court and outdoors: lush landscape, an organic garden. plus a pool and spa designed like a lagoon. There are numerous walking traiIs and sitting areas throughout the property, along with a 24,000-square-foot horse barn. The property is run by its own wind and solar power system and water is supplied by two wells for consumption and agriculture. So where will the Camerons go? They own 5,000 acres in New Zealand, another 10,000 acres in Saskatchewan. plus have other homes in Colorado. Los Angeles and Austin.
From - The Allmanac - July 14, 2023 - alliebeth.com