slowdown

Where did Dallas fall in a list of metro areas experiencing a market slowdown? How did home sales in Dallas and Fort Worth compare to statewide numbers?

We have all this and more in this week’s roundup of real estate news.

DALLAS IN TOP 10 METROS EXPERIENCING BIGGEST SLOWDOWNS

After a spate of headlines about a slowdown — or even sputter — in the housing market, Realtor.com took a look at the 10 metro areas experiencing the biggest shifts. On the list, Dallas comes in at No. 8.

“To be clear, prices aren’t always dropping in these places, which are predominantly located on the West Coast,” the piece reiterates. “Mostly, they’re decelerating, coming back down to earth. So bargain hunters can put their wallets away.”

However, the report also says that things like surging amounts of inventory and number of days on market could also signal market adjustments are happening — list prices rose this year (from October 2017 to October 2018), but only by 7.3 percent nationally, less than the 10 percent increase in 2017.

“There’s a rebalancing that needs to happen,” says Freddie Mac deputy chief economist Len Kiefer told Realtor.com. “Prices have risen so high in some of these markets that it’s very tough from an affordability perspective [for buyers]. … It’s not surprising to me that we’re seeing a little bit of a leveling off.”

In other words, the bubble isn’t popping — but the bathwater is leveling. (more…)

Are Dallas home prices up or down? At what rate are they appreciating? We take a look at three different reports in this week’s roundup of real estate news.

CORELOGIC CASE-SHILLER REPORTS DECLINING HOME APPRECIATION

Home price gains have been slower this year across the country, but September 2018 marked the eighth consecutive month of home appreciation declines in the North Texas area, Standard & Poor’s/CoreLogic Case-Shiller Home Price Index revealed. (more…)

Once again, Frisco makes national Real Estate news, not for being the very best community to live, or the fastest-growing community in the U.S., but for being oversupplied with brand new homes as the real estate market shifts from a seller’s paradise to a buyer’s market, and as new home sales dip nationwide by almost 9 percent:

The shift may be most pronounced in what were once the most sizzling markets. Consider Frisco, Texas, a city 30 miles north of Dallas, where narrowly spaced villas of stone and brick have replaced cow pastures. Its population nearly doubled over the past decade, to 177,000. Its 8 percent jump last year made it the fastest-growing city in America.

Prashant Gopal is an excellent journalist and a friend of our’s from NAREE. He writes in Bloomberg of how falling sales and diving housing stocks are also affecting real estate agents in Frisco, who seem to be taking the biggest hits from each other as they shrink commissions in the “builder battleground”:

On a recent weekday, Konara, the real estate broker, drives his Dodge minivan along Highway 380, a builder battleground, where national giants such as Lennar, Toll Brothers, and PulteGroup go head to head with Texas companies. He stops at sales offices, where balloons festoon posts in a vain effort to spur sales. He points to empty houses that he says were completed six months ago.

His own sales are half what they were in 2016. In many cases, he’s rebating to customers all but $1,000 of his commission on each home sale. He walks into an Indian restaurant for lunch and looks up at the television screen. A competitor, the “Maximum Cash Back Realtor,” says he’ll take only $750. “You know what that means,” Konara says. “I’ll have to do the same.”

Prashant drew attention to the fact that Frisco is also home to the glittering Legacy West, transplant nirvana with Toyota headquarters (which may have subsidized some homes for employees) as well as Dallas Cowboys headquarters, where any day you can see real estate agents dining alongside football players and the Jones family. I believe the agents he is talking to, like Konara, but I also had to check with the man who’s company sells more of Frisco than anyone: J.P. Piccinini:

JP and Associates

(more…)

home salesHow did Dallas do when it comes to home sales compared to the nation? Are we starting to see more inventory? Where are various generations choosing to live in Dallas-Fort Worth? We have all of that in this week’s roundup of real estate news.

DALLAS HOME SALES DECLINE IN OCTOBER

The number of homes sold across the country fell in October, including in Dallas, Redfin reported.

In Dallas, the median sales price in October was $280,000, down 2.8 percent from September, but overall unchanged year over year. Homes sold was down 3.3 percent in October to 4,630, and down 8.7 percent year over year. New listings were down .3 percent in October to 6,140, but up by almost 3 percent year over year. (more…)

Dallas

Courtesy CityLab

How does Dallas stack up with the rest of the country when it comes to gains in corporate headquarters? What did the Dallas Fed say about the state of the state’s economy? Are Texans underwater, or equity rich?
We have all of that in this week’s roundup of real estate news.

DON’T FRET – DALLAS STILL GETS PLENTY OF HQ LOVE

Although Dallas may have lost out on Amazon HQ2, it should take considerable pleasure in the fact that it’s still a sought-after place for lots of corporate relocations, an analysis by CityLab revealed.

CityLab co-founder Richard Florida pointed out that a new database of corporate headquarters maintained by research partners at the University of Toronto School of Cities actually reveals that corporate headquarters are spread pretty far and wide across the country. (more…)

Real EstateThe North Dallas Chamber of Commerce will examine the economy and new urbanism, a certain shiplap-happy couple will be returning to the airwaves, and we take a look at Texas housing sales, all in this week’s roundup of real estate news.

NORTH DALLAS CHAMBER HOSTS ECONOMIC OUTLOOK

Former Dallas chief of economic development Raquel Favela will be among the speakers at the North Dallas Chamber of Commerce’s annual real estate and economic outlook event to be held Nov. 28 at the Westin Galleria Dallas. (more…)

This morning, Bloomberg News is reporting that anonymous insiders are saying Amazon is close to finalizing its selection for its second headquarters (which are set to be officially announced by the end of the year). The winners of the pay-for-play beauty contest are reportedly Crystal City, Virginia, outside Washington, D.C., and in the New York City borough of Queens on Long Island. Obviously, Amazon remains mum on the deal.

This latest news comes via three separate reports.  The Wall Street Journal reported Amazon was splitting its “gift” in two. The New York Times who outed Long Island City as one of the “winners” while the Washington Post identified Crystal City. The splitting of this baby is seen as Amazon’s attempt to mitigate backlash from what many see as the problems Amazon will bring for a city’s existing residents – “a problem shared is a problem halved” and all that.

(more…)

Which cities are still in the running for Amazon’s second headquarters? Which cities were atop a list of most affordable places to relocate? Is Texas a job-creating, relocation friendly state?

We answer all this and more in this week’s roundup of real estate news.

DALLAS IN LATE STAGE TALKS WITH AMAZON

Dallas is among three cities still in the running for Amazon’s $5 billion second headquarters, according to a Wall Street Journal story.

Dallas is one of 20 cities of more than 200 that made pitches to the retail giant and then made it through to another round. The WSJ story said that Amazon was talking to New York; Crystal City, Virginia; and Dallas.

The story also revealed that insiders are saying that Crystal City is the odds-on favorite. However, speculation regarding Dallas has increased since the sale of the former Dallas Morning News headquarters. (more…)