Taylor Morrison to develop 150 SFR in Grand Prairie
Booming real estate surged prices of rural real estate land in Texas.
According to Texas A&M real estate Center. Post pandemic in 2021 Texas rural land markets have exploded in a burst of activity,” said Dr. Charles Gilliland, research economist and rural land expert for the Texas Real Estate Research Center at Texas A&M University.
“First quarter 2021 sales of large acreage rural properties grew more than 50 percent in West Texas and 37 percent statewide compared to 2020,” said Gilliland. “First quarter activity exceeded the remarkable levels seen in the third and fourth quarter of 2020 in most areas.
- Prices in North East Region rose by 12.11 percent to $5,423 per acre
- Prices in Gulf Region increased by 11.2 percent to $7,069 per acre
- Austin-Waco-Hill Country prices rose 7.07 percent to $4,424 per acre.
- South Texas prices remained steady, retreating 0.35 percent to $3,950 per acre.
Home Prices rise everywhere in the first quarter.
According to a report by Wall Street Journal, Home prices rose everywhere “a rapid price appreciation that shows little sign of fading soon with limited housing inventory and robust demand”.
The housing boom is widely fueled by low mortgage rates. First time home buyers are overbid losing to cash buyers. The number of homes has been less than the number of realtors available in the market. The reduction in inventory has only extended this increase in home prices. The prices of commodities such as lumber, steel, labor has also contributed to this rapid acceleration of home prices.
Analyst and economist are hoping that the prices would slow as the rate tick up. As of this writing the 10-year treasury yields are at 1.652%
Market Statistics at a glance
The median price of home sold in May 2021 was $292K up 17.3% YOY
Supply seems to be constrained the months of inventory is down to 1.3% YOY down from 1.8%
Median price per sq foot was $145 up from $133.56 in March
Median home size was 2020 sq foot up from 1,980 in March
Commercial Master planned community in Fort worth
According to the Dallas morning news Cresent Real Estate is planning a Major $250 Million mixed use project in fort worth’s cultural district. The development will include Luxury hotel, Luxury residential units.
Residential Community Launch
Meritage Cibolo Community in Saginaw Meritage Homes is planning to build new residential community off U.S. Highway 287 near Eagle Mountain Lake. The community is called Cibolo Hills, I will have 700 houses with pricings starting from $280K ranging from 1,394 to 3,050 square feet.