The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

First-time homebuyers are being squeezed out, and you gotta move fast to buy! And people are hanging on to their houses for the longest time on record, according to a new study by the National Association of Realtors.

Buyers are living in their homes for ten years, up from six years in 2008, and actually expect to live in their home for 12 years. Some of it is by choice, like hanging on to a fantastic rate after remortgaging, and some by necessity, like too much debt to move, as reported by the Dallas Morning News.

The study looked at the demographics of thousands of home purchases around the United States from July 2013 to June 2014, and its findings speak to many trends we’ve noticed in the market here at CandysDirt.

Take multigenerational homes, for example. We’ve seen more builders offering them, like almost every builder on our approved homebuilder list, from Park Cities to Preston Hollow and north. (I swear Mickey Munir at Sharif&Munir invented the jazzed-up mother-in-law suite.) Texas-based builder Darling Homes is selling multigenerational homes in Frisco’s Lawler Park and Houston area’s Lakes of Cypress Forest like hotcakes.

The survey says they’re right on trend: Since 1980, the number of multigenerational households around the country has doubled, with 13 percent of buyers purchasing one of these homes to accommodate aging parents and boomerang kids in a cost-saving way.

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Ebby CEO Mary Frances Burleson was named one of the top real estate executives in the country.

Ebby CEO Mary Frances Burleson was named one of the top real estate executives in the country.

Congratulations on another much-deserved recognition for Ebby CEO Mary Frances Burleson, who is at the helm of one of the largest independent real estate brokerages in the nation. Truly, her success is a triumph considering the legacy of the company’s eponymous leader, Ebby Halliday, and how this trend-setting firm has become a household name in North Texas.

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Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Word comes that for the month of August, Dallas-area home prices posted a fantastic little bump at 7.3 percent year-over-year. Case-Shiller’s Home Price Index report shows enough of an increase in prices to warrant continued optimism among sellers in our burg, where a shortage of inventory and slow-to-catch-up new home builders has made the market for homes in most price ranges very competitive.

That’s one of the highest increases nationwide, and over the national average, too, which is 5.5 percent. According to the report, the median price of a pre-owned, single-family home in North Texas in August is up 7 percent from the same period last year.

But according to a recent report from the Real Estate Center at Texas A&M University, total sales are down 2 percent over a year ago. Of course, as sales volume decreases, it’s only natural for the competition over those homes on the market to heat up.

I guess, though, we’re in a fortuitous spot considering that our price increase puts us at 12 percent higher than pre-recession levels, and with inventory as short as it is and job growth still on pace for expansion, there’s no bubble in sight.

What’s your outlook on home prices and inventory?

Lawrence Yun

Lawrence Yun is the  Chief Economist and Senior Vice President of Research at the National Association of Realtors, and he is a honey. He was in Dallas Friday for Realtor University, which offers a master’s level degree to qualified Real Estate agents, kind of like an industry PhD program. Realtor University is committed to giving agent members life-long learning opportunities in their field. It’s the only institution of higher education focused exclusively on real estate, and it was founded in 2002. Speaking at lunch, Dr. Yun was as bright as the weekend weather forecast on his prognosis for Dallas and Texas.

Rest of the country, not so much. Rest of the world, ugh. (more…)

Village Bend East Apartments

Let’s face it: the only news we care about today is the sickening news coming out of Presbyterian Hospital of Dallas, a Texas Healthcare Resource Hospital, that a second nurse who treated Ebola patient Thomas Duncan has now tested positive for the disease. I have been glued to Facebook this morning (where I am limited to 5,000 friends, but you can still follow me) because I thought, well, this is a health issue, not real estate.

Then I heard from an agent or two that showings were slowing down. I hate to say it — hate to — but the whole world is now looking at Dallas as the place where we messed up with an Ebola patient. We have become Ebola Central. (more…)

I have to agree with The Dallas Morning News editorial board on this one: More residential development in West Dallas benefits everyone. How they arrived at the conclusion is another matter.

Take this paragraph for example:

While this might sound like a chicken-or-egg question — which comes first, housing or residents? — the answer is clear: It’s housing, especially single-family homes, that is key to a neighborhood’s rebirth. Fresh signs of that rebirth are showing up in West Dallas and North Oak Cliff.

Is it really all that clear?

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Will Alex Krieger's vision of a narrow, four-lane parkway next to the Trinity River win over a massive toll road?

Will Alex Krieger’s vision of a narrow, four-lane parkway next to the Trinity River win over a massive toll road?

Last week, the Dallas chapter of the American Institute of Architects took a couple of days to really home in on the challenges that Dallas must overcome to be a sustainable and attractive city in the long term. A city that can compete with other areas that offer more holistic transportation solutions in an urban environment. Those lofty goals were all addressed at the organization’s Mobility Summit.

Long a car-centric city, the next generation of Dallas residents are upending the long-held belief that commuting is a forgone conclusion, measuring distance in hours door-to-door. Instead, more and more thinkers are looking critically at Dallas and our eight-lane highways, our toll roads, and our elevated high-speed thoroughfares.

As usual, Robert Wilonsky (who, I swear writes 99 percent of the copy on the Dallasnews.com site) did a fabulous job breaking down the big issues and discussions at the event, and the breakthroughs brought on by gathering so many people passionate about Dallas’ design future. The most impact was felt by Harvard professor and urban planner Alex Krieger, a co-author of Dallas’ Balanced Vision Plan, when he backed off his support of a road within the levees of the Trinity River.

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