housing affordabilityFrom staff reports

Although housing affordability is at an all-time low in Dallas, home price appreciation has decelerated recently, the latest report from the Federal Reserve Bank of Dallas revealed.

The report, released March 14, also revealed that Dallas-Fort Worth employment grew by 2.5 percent in 2018.

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jobsWhat two Texas cities are hot for jobs? What is the most expensive neighborhood in Texas? Who was honored locally for their work in providing summer meals to reduce childhood hunger? We have all this and more in this week’s roundup of real estate news.

Austin No. 1 Nationally for Jobs, Where Does Dallas Rank?

Austin is tops in the nation when it comes to having the hottest labor market, the Wall Street Journal’s analysis of 53 metro areas with more than one million people revealed. (more…)

Realtors

Nancy Wilson of Coldwell Banker Residential was honored by the Greater East Dallas Chamber of Commerce with the Live Local Award.

Which two realtors (and what designer) were recognized by a local chamber of commerce for their work in East Dallas? How do North Texas home sales in July compare statewide? And where is the job growth in Texas?
We answer all those questions in this week’s roundup of real estate news. (more…)

Renter Confidence Survey

Dallas renters gave their city a B grade in Apartment List’s annual renter survey, an improvement from Dallas’ C+ grade in last years’ survey. Dallas ranked 23 out of the top 50 cities for renter satisfaction, earning higher marks than Phoenix, Los Angeles, and Chicago. Renters with children are particularly satisfied with Dallas, giving the city an A-, while Millennial renters gave the city lower marks (B-). In addition to Dallas, Apartment List published results for Plano (A+), Garland (A), Carrollton (A), Euless (A-), Denton (B+), Lewisville (B+), Arlington (B+), Irving (B) and Fort Worth (B).

The renter satisfaction grades are based on data from over 45,000 responses collected in the Apartment List renter survey between Oct. 1, 2016 and Dec 6, 2017. Overall, the top-rated cities for renters are Scottsdale, Arizona, Plano, Huntington Beach, California, and Cambridge, Massachusetts. In general, small and mid-sized cities received better ratings: 38 percent of them received an A- or higher, compared to only 24 percent of large cities.

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2900 Mckinnon 506 Living Dining

Word comes from Homes.com that Dallas is the second to only Atlanta as one of the best cities for new college graduates to thrive in. Our average starting salary, reasonable rents, low unemployment rate, and higher-than-average number of nearby colleges and universities makes us a great place to live for debt-crippled former students who have developed a taste for ramen noodles and cheap beer.

“In a still-recovering economy, where the job market remains uncertain and the repayment of student loans is a daunting reality for many recent grads, the ideal place for many may be wherever that first job is landed,” according to Homes.com. “Nonetheless, some cities are more promising than others, providing college grads exceptional opportunities for growing careers and affordable housing.”

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While Trulia consider’s Dallas to be overvalued, Local Market Monitor‘s report says that the Dallas-Irving-Plano market is actually under-priced in the neighborhood of 12 percent.

That’s interesting news from these economic analysts. Local Market Monitor is predicting that home prices will grow 9 percent over the next 12 months, but will top out at 10 percent total growth for 2015 and beyond. Still, the firm considers our fair burg to be “low risk” for investment, and a strong rental market, too. That’s good news for all of the multifamily projects slated to come on line this year.

Economic growth has been strong since the recession. Growth was strong in the past year, with good job gains in almost all sectors, including the important finance sector (banking). Unemployment is below average. Expect strong growth the next few years.

There have been small waves of home price increases in response to surges of in-migration in the past. Prices were higher in the past year. Population growth continues high, with high in-migration. Home prices are high. There is a large renter population. Expect a strong housing market the next few years.

How does that wash with your predictions for 2014? Will job growth in Dallas-Plano-Irving continue to top the national average, fueling greater price growth? Or will prices stabilize, and investors find more niches in transitioning neighborhoods?

Tell us your thoughts!