We don’t like to re-publish press releases here on CandysDirt.com, kind of goes against our grain of organic reporting.

But this release caught my eye because it makes a significant statement about the strength of our home building market.

Trendmaker Homes, a member of the TRI Pointe Group family of premium regional homebuilders, has named Sean Ricks as president of its newest homebuilding division in Dallas-Fort Worth. Ricks will lead the company’s strategic expansion and rebranding in Texas’ top metro, DFW. He brings 15 years of homebuilding, real estate, and operations experience to the position, and most recently served as associate general counsel at TRI Pointe Group.

Ricks played an integral role in the 2018 acquisition of Dunhill Homes and Nathan Carlisle Homes, now Trendmaker Homes Dallas-Fort Worth.

“Sean’s strong track record of success and immersion in TRI Pointe Group’s culture, strategy and operations made him an excellent choice for this leadership role, one that will help take the Dallas-Fort Worth division to a new level of growth and success,” said TRI Pointe Group CEO Doug Bauer. “We are optimistic about the long-term opportunity in this key market, especially with Sean leading the division toward accelerated growth.”

Here’s the part we love: Trendmaker Homes says the Dallas-Fort Worth metro area ranked in the top five nationally for population growth in 2017.  In 2018, the Dallas-Fort Worth metro area added approximately 116,400 jobs, representing a 3.17 percent annual growth rate. This according to the U.S. Census Bureau. Not too shabby.

And this juicy tidbit: a significant portion of the Dallas-Fort Worth metro population is in the 25-to-44 age cohort, a prime home-buying demographic. (more…)

11422 East Ricks Circle is a listing from Becky Frey that is pending sale.

What goes up has to come down, at some point, right?

It’s like that with home values. Except home values in Dallas have never shot skyward as much as they have in coastal cities and international hubs like Miami and New York City. Our home prices creep up by 5 to 7 percent a year. Then they stay there for a few years until the upward trend starts again. The only time I remember Dallas home prices actually declining as in the late 1980s, agree?

Comes news this week from Standard & Poor’s/Case-Shiller Home Price Index that Dallas home prices were up only 5.2 percent from where they were a year ago. Which is less than the 6.2 percent nationwide home price gain from June of 2017. So for the first time in a long time, we are dragging behind the national average, not leading it.

In fact, Dallas-area home prices expanded by the smallest percentage in almost six years.

The silver lining: (copy and paste this story for DCAD) if prices start to stabilize, our property taxes will, too. Oh and don’t let the Dallas City Council fool you into thinking they are lowering taxes, either. They are trying to lower the rate, because property taxes in this state are set by values. So all these nice Case-Shiller reports have brought in increased revenues from property taxes.

So, should we be concerned? No.

(more…)

DFW_REALTIES_Sold

This was a report I have been predicting because it was what I have been hearing ever since July 15. Our market is cooling. It’s cooling because low interest rates have driven up prices to a point where folks are now saying, “I’m not going to pay that!”

North Texas home sales were off by 2 percent in July, 2016 compared to July, 2015 levels.

Two percent is nothing to write home about, certainly nothing to freak about, but it was the first recorded dip in recent years. August numbers seem to be headed in the same direction, that is, south a scootch.

But prices are still, well, pricey. I know of several families out-bid for a home. They had their existing homes on the market, targeted a buy-up, then lost as they were out-bid by cash buyers or those who simply offered more than asking price. So off the market comes the home they are in, out come the bids to remodel or just make it more comfy for the time-being.

The median price of single-family homes sold by North Texas real estate agents was up 9.4 percent from July 2015, according to data from North Texas Real Estate Information Systems. The median price of a home in NTREIS is now $229,800. Just two years ago, it was $180,000.

Screen Shot 2016-08-09 at 3.27.19 PM (more…)

dallas housing market

The Dallas market continues to sizzle, with the median price for single-family homes increasing by about 8 percent in May compared to last year.

To paint a bigger picture, prices in North Texas have increased by about 40 percent since the 2009 economic recession, according to a new report from the Dallas Builders Association (DBA) and Meyers Research for the Dallas-Fort Worth-Arlington Metropolitan Statistical Area.

Earlier this year, Dallas overtook Houston as the leading new home market in the country, and it still keeps that spot. Overall, housing inventory was at a 2.3 months’ supply with certain areas, like Collin County, with even less.

The report says about 29,000 new homes are expected in the North Texas region by the end of 2016. This is due in part to one of the strongest employment markets in the country. But prices are still going up, with labor shortages and more regulation increasing prices as builders still struggle to keep up with demand.

(more…)

Case Shiller May 2016

We did it again: Dallas, well, North Texas, made it as one of the highest appreciating real estate markets in the country, according to the folks at the Real Estate oracle of nationwide comparison, Standard & Poor’s/Case-Shiller Home Price Index.

Dallas area home prices were 9 percent higher this May (2016) than they were a year ago May (2015). And it was the biggest chunk of price gain since February.

“Home prices continue to appreciate across the country,” S&P’s David M. Blitzer said in the report. “Overall, housing is doing quite well.”

Quite. The nation’s home prices across the board were up 5 percent from May 2015. So yes, Blitzer is correct: the nation’s housing market is healthy. It’s just that, with prices rising so much, it makes it more difficult for people on limited incomes or first time buyers or buyers saddled with college debt to get in.

Dallas area real estate prices have been rising  8 to 10 percent now annually for more than a year, due mostly to a dearth of inventory. Well-priced homes in certain price segment sell within days of being listed or sometimes, even before. (more…)

casechart 4.2016The venerable Case-Shiller report that tracks pre-owned home sales, not new builders homes or subdivisions, puts Dallas near the top of the list of cities with the biggest home price gains. Which is, of course, impressive.

Standard & Poor’s Case-Shiller home price index says Dallas-area home prices were up 9 percent from February of 2015.

Dallas ranked fourth, behind Portland, Seattle and Denver as the the cities with the largest year-over-year price gains in the closely watched Wall Street housing metric report.

Nationwide, Dallas home prices were 5.3 percent higher than a year ago.

But February numbers slipped slightly from 9.2 percent in January.

“Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers,” S&P’s David M. Blitzer said in the report. “Rising prices are a concern in many parts of the country.

“The visible supply of homes on the market is low at 4.8 months in the last report,” he said. “Homeowners looking to sell their house and trade up to a larger house or a more desirable location are concerned with finding that new house.”

Home prices were higher in all 20 major markets included in Case-Shiller’s survey.

The largest gains were found in Portland (11.9 percent), Seattle (11 percent) and Denver (9.7 percent).

In fourth place, Dallas-area home prices are now at record levels, almost 24 percent higher than before the recession and housing market crash of 2009. (more…)

Crown Jewel

A Texas billionaire/millionaire’s playground: ranch in Marble Falls

Even T. Boone Pickens himself is selling off part of his ranch!

January is almost behind us, and most media outposts have started playing the “oil prices down = sucky real estate” cards: lower oil prices hurt the Texas economy and, therefore, its real estate. If you have real estate in Houston or Midland, oh we agree. Markets there definitely cooling. Steve Brown has waxed on about this from the Builders Show in Las Vegas, and other outlets have even gone so far to say that some high end agents find the high end market cooling, really cooling.

Really?

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Hamptons on the east coast, where Wall Street titans relax

I’ll give you this: In The Hamptons, sales of luxury homes tumbled 16% in the third quarter from a year earlier to 52 transactions, according to a report from appraiser Miller Samuel Inc. and brokerage Douglas Elliman. The inventory of such properties—defined as the top 10% of the market by price—climbed 34% to 292.

Here we just had the January sale of Thomas O. Hick’s 25.5 acre estate to Andy Beal, who says he is not going to sub-divide it. (I think he bought it to use for Donald Trump fundraising. Then Lisa Baron Blue’s house will be hosting all the Hillary Clinton parties. Get ready: Preston Road is going to be jam crammed come this fall!) Then there’s Jordan Spieth’s purchase of Hunter Dehn’s home, which meant that Hunter had to buy a house somewhere (lips sealed) because he and his wife and kids need someplace to live, right?  In fact, sales of houses priced at $1 million or more rose more than 12 percent in 2015; up 15% in 2014. The rate of increase of DFW luxury home sales was about twice the overall growth of preowned home purchases.

There were more big whig sales. 2015 was a pretty damn good year for Dallas real estate: (more…)

caseshiller chartIf it’s under $1.5 million, it’s flying off the shelves. I have just heard about a new record sale in Devonshire: $50,000 over list, a bidding war of 3 to 5 buyers, cash, so when the appraisal won’t support the sales price, it won’t matter. But that big fat sales price WILL count for the next Devonshire transaction. Up, up, up they go.

The new Standard & Poor’s/Case-Shiller Home Price Index shows May Dallas home prices up 8.8%, which was more than twice the nationwide gain in April.

And get this: Dallas had the third highest home price rise in the country, THE THIRD! We were (at 8.8%) just behind Denver, 10.3 percent and San Francisco, at 10 percent. (more…)