House rent rises. First time home buyers getting priced out by Investors
According to the Wall street journal House rents have increased. First time home buyers are getting priced out due to the onset of investors in Key Metro markets
Rents have increased 13% year to date. The sharp increase in rent is attributed to the increasing demand from people who cannot afford to buy homes.
According to WSJ, Bigger investment banks such as Blackstone Group, Invesco also have committed large sums of money to the sector estimated at $11 billion. Institutional players are looking to build their portfolio that could serve as starter homes for owner occupier
Apartment Markets going through Major turnaround
Recon According to Dr. Luis Torres, research economist for the Texas Real Estate Research Center at Texas A&M University. Torres says the apartment outlook has changed from “catastrophic” when the pandemic began to “positive” today.
A large portion of this is attributed to the roll out of vaccines. Lack of availability of single family homes and increase in prices of single family homes and improvement in the overall state of the economy.
According to Wall Street journal Lumbar prices are seeing a decline in the past few weeks. The prices dropped to $1010 from $1200 a week ago. Prices were $482 in October 2021 and currently they are at $879.
Although the prices have dropped, they are not at the level before the pandemic.
According to Wall Street Journal – “Lumber prices are still sky high, to be sure. The spot-price index was $459 a year ago and despite a dramatic tumble, lumber futures remain more than twice what is typical.”
Texas dominates to be the hottest market across the 50 states.
According to Builderonline, Dallas fortworth stood at #1 leading with 50% market share followed by Houston at # 2, Austin at #5 followed by San Antonio at # 6.
Home Affordability continues to decline due to drop in income and rising home prices.
According to NAR, Lack of housing supply is pushing the home prices higher. Monthly Mortgage payments are continuing to increase to $1,184 The payment as a percentage of income continue to climb up and is at 16% in April from 13.7% a year ago … for detailed report form NAR click here
Housing Market Statistics at a glance From Texas A&M Real estate Center
Texas housing Market at glance
Employment Statistics at a glance From Texas A&M Real estate Center
Kaufman County Attract Development from Centurion American.
According to Dallas Morning News. Centurion American to develop 1,100 acres of land for residential projects.
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.