Where did Dallas fall in a study of adult children living at home with their parents? What cities will dominate new home construction this year? What did housing sales look like in February?
We have all this and more in this week’s roundup of real estate news.
Just How Many Adult Children Live At Home With Their Parents?
Dallas isn’t at the top of a list generated by a study MagnifyMoney conducted on adult children living at home — not by a long shot. But one Texas city is: San Antonio, at number 5.
Out of the 50 major metros surveyed, Dallas fell at number 33, with 15.8 percent of adult children living at home. Houston was ranked at 23, and Austin was 43rd.
“We surveyed the 50 largest metros in America to identify the largest portion of adults ages 25 to 40 living with their parents along with some other statistics about them,” MagnifyMoney said. “We excluded people in this age group who identified themselves as active students.”
The survey also found that about 1 in 4 adults living with their parents have children of their own in the home. The average unemployment rate for this age group across all 50 cities is 8.6 percent — the national unemployment rate was 4 percent in January. Nearly 1 in 5 adults who live at home don’t participate in the labor market at all.
“Adding together the unemployed and the people who don’t participate in the labor force, only 72% of these adults are currently working while living with parents,” MagnifyMoney said.
Interestingly enough, in nearly every city, men were more likely to be living at home with their parents than women — except for Austin, where 51.1 percent of women live at home. That number is 53.8 percent, 54.5 percent, and 58.6 percent in Dallas, San Antonio, and Houston, respectively.
San Antonio had one of the highest rates of parenthood among young adults living with parents, with almost a third of all young adults living at home also living with their own child.
Who Will Win the Race For Roofs?
Who is currently putting up the most roofs in the country? Dallas, Realtor.com said in a recent look at who is still experiencing a building boom — despite a documented slowdown in the nation when it comes to new home construction.
Dallas was at the very top of the list, followed by Houston at number two. Austin came in at number 7.
With a median list price of $335,700, Dallas has issued 63,421 permits, up 2.8 percent from last year. Realtor.com attributes the continued boom to big relocations to the area, like Toyota.
“Unlike the coasts, this large metro area has lots of relatively inexpensive land available for development,” Realtor.com said. “Plus, Texas is known for its builder-friendly laws and regulations, and some of the area’s northern suburbs and smaller cities are big-time beneficiaries. Frisco, 40 minutes from downtown Dallas, has tons of new 4,000-square-foot two-story houses with big yards. It was named the third fastest-growing suburb by realtor.com last year.”
Housing Sales Increased Statewide in February
Texas housing sales increased 5.2 percent month-over-month in February, and the typical Texas home continued to average two months on market and sold above 95 percent of the original list price, the Texas A&M Real Estate Center said.
Single-family housing construction permits remained balanced for the second month in a row after a decline in December. Houston led the nation with 2,846 permits in February, followed by Dallas-Fort Worth at 2,698. Austin had 1,400 permits.
Statewide, months of inventory were still below four months, and well below the six months considered to indicate a balanced housing market. Homes priced less than $200,000 and between $200,000 and $300,000 continued to have the lowest MOI of 2.9 months and 3.4 months.
“The rate of Multiple Listing Service (MLS) listings hitting the market, however, eased after surging through much of 2018,” the center’s report said. “Fewer new listings and a recent uptick in sales could limit further MOI expansions.”
Dallas had an MOI of 3.5 months, and San Antonio was right behind with 3.6 months. Houston was at 4.1, but Fort Worth had the lowest MOI of 2.7 months.
Total housing sales statewide increased to 5.2 percent, the highest level since July. A record number of homes sold in the $200,000 to $300,000 price range, and homes priced less than $200,000 had a second straight monthly increase.
“These two cohorts account for more than 70 percent of single-family sales reported through MLSs,” the center said.
Luxury market sales (homes priced more than $500,000) posted an 11.9 percent monthly increase.
Fort Worth posted the largest monthly sales growth at 12. 4 percent, and Dallas and Houston posted growth of 6 and 6.5 percent, respectively.
Average Days on Market statewide remained at 60 days, with Austin, San Antonio, and Houston posting 56, 59, and 57 DOM, respectively.
“The Dallas DOM surpassed 51 days for the first time since 2013 while Fort Worth reached a three-year high at 44 days,” the center said.
Texas median home prices balanced in February at $235,500, 2.6 percent above last year. Dallas median home prices dipped for the third consecutive month in Dallas to $282,100, while the Fort Worth median increased more than $3,000 to $235,400.
And when it comes to repeat sales, YOY growth in Dallas slowed to 2.8 percent, with a list-to-sales price down to 0.96, but still indicating solid market fundamentals.
“Despite the overall moderation, home-price appreciation continued to outpace wages and weighed on housing affordability,” the center said.
Source: Texas A&M Real Estate Center