Real estateDo you know what North Texas city has the highest rent, and which has seen the biggest year-over-year increases? Who has the longer commute — Dallas or Fort Worth? Where are foreign buyers moving to in the U.S.? We’ll find out all that and more in this week’s real estate news roundup.

WHICH CITY HAS THE HIGHEST RENTS IN NORTH TEXAS?

Rents in North Texas continued to rise in July in most cases, but the biggest bumps in rents came in the Permian Basin, RENTCafe’s monthly apartment market report revealed. (more…)

Amenity-laden Le Mirage Apartments in Midland demands more than $1,100 for a one-bedroom unit. (Photo: Weidner Apartment Homes)

Amenity-laden Le Mirage Apartments in Midland demands more than $1,100 for a one-bedroom unit. (Photo: Weidner Apartment Homes)

New affordable housing is hard to find in Midland-Odessa, as a recent study from RentCafe shows that 100 percent of the new apartments completed in 2015 were high-end units. Nationally, 75 percent of all apartments that came on the market last year were priced at luxury levels.

Considering how much the new construction in the single-family market is lagging, the limited number of new affordable rentals could be eroding would-be homeowners’ future buying power.

Read the whole story behind the numbers on MidlandDirt.com.

Chinese investment firm Yantai Xinchao Industry Co. is spending $1.3 billion to buy massive oil fields in the Permian Basin area of Texas. Photo: Paul Lowry via Creative Commons

Chinese investment firm Yantai Xinchao Industry Co. is spending $1.3 billion to buy massive oil fields in the Permian Basin area of Texas. Photo: Paul Lowry via Creative Commons

A Chinese investment firm has its sights set on West Texas as they declare their intent to spend $1.3 billion (8.3 billion yuan) to buy massive oil fields in Howard and Borden counties. This purchase is part of a trend of Chinese interest in U.S. energy resources.

Read the whole story over on MidlandDirt.com!

 

 

Will the shrinking Midland-Odessa job market mean panic for real estate professionals?

Will the shrinking Midland-Odessa job market mean panic for real estate professionals?

The shrinking job market in Midland-Odessa has some people in panic mode, with rumors of multifamily developments poised for certain collapse should renters renege on their leases and abandon their apartments. Should we worry about Midland Real Estate?

Not so fast, says this story by WFAA. Sure, part of the oil and gas industry’s workforce is slipping, but oil-and-gas-related lawsuits could bring an entirely different tenant to town. Home builders are still building, but at a gradual pace, that’s for sure. The big question remains, though: Will there be a burst bubble in the near future?

Read what economist Jim Gaines at the Real Estate Center at Texas A&M University thinks on the blog.

Oil prices may or may not influence home values and sales in Dallas, but Houston and the Permian Basin may feel the effects of the dropping price per barrel.

Oil prices may or may not influence home values and sales in Dallas, but Houston and the Permian Basin may feel the effects of the dropping price per barrel.

It seems like economists can’t make heads or tails of the dropping oil prices, other than it’s good for consumers. I filled my little hybrid up the other day for less than $30, so I’m going to call it an obvious win in that column. But with the high demand and limited supply of housing in the Permian Basin, and how Houston home values have skyrocketed, we’re left wondering if these two Texas regions will bear the brunt of cheap oil.

“Oil prices are certainly something to keep an eye on,” said Metrostudy’s David Brown in this DMN report. “As long as oil prices do not continue to decline and don’t stay at a level below $55 a barrel for a sustained period, we should continue to see solid demand for housing in the region.”

On the other hand, Trulia’s Jed Kolko says the impact on home values is coming, but it won’t be felt immediately.

(more…)