The much-awaited Jackson Hole speech by Fed Chair, Jerome Powell concluded this week. Fed chair alluded to keeping rates high for longer and left the door open for raising rates based on future inflation data. Powells speech was no surprise. The market largely anticipated the rates to be kept steady. Fed watchers are assigning a probability of 45% that the rates will increase by another 25-basis points by the end of the year.
Powell reiterated that “Core goods inflation has fallen sharply, particularly for durable goods, as both tighter monetary policy and the slow unwinding of supply and demand dislocations are bringing it down”.
He also reiterated that the lagging effect of monetary policy should show through more fully over time.
Powell also confirmed that “Restrictive monetary policy has tightened financial conditions, supporting the expectation of below-trend growth.”
Chair Powell also reiterated that 2% is the target rate of inflation and the Fed is determined to bring the inflation rate down to 2%.
The Fed chair concluded by saying that we will keep at it until the job is done.
Mortgage Rates
30 Year Mortgage rate stood at 7.23 % and 15-year Mortgage rate stood at 6.55 %, highest in 22 years. According to Mortgage Bankers association Applications for purchase mortgages dropped to their lowest levels since 1995.
Market Stats
Collin County
Tarrant County Market Stats
Tip of the week – Seller Impersonation
The sale of real estate is one of the top transactions targeted by scammers. The latest scam affecting the public involves criminals impersonating a seller wanting to list a lot or vacant land.
Stay informed on the latest scams to know what to watch for
It’s always a good idea to use trusted title companies and attorneys for closing documents and funds.
Is this Japan’s decade? Is Buffet right to invest in Japan.
Great Chart by Edward Jones showing inverse correlation of Fed Funds rate and Inflation – econ 101.
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Market Summary
Federal Reserve introduces instant payment, FedNow services this week. The FedNow service went live on July 20, 2023
The Fed fund rate stands at 5.25% – 5.5% highest in 22 years. The quarter point hike was unanimous.
Consumer growing slowly.
Fed will be data dependent and have left room open for further rate hikes. “We can afford to be a little patient, as well as resolute, as we let this unfold,” Fed chair Powell said.
The next meeting is in September. We have 2 more months of CPI that Fed will take into consideration.
Policy will still be held at Restrictive levels.
Fed won’t be cutting rates this year – Powell.
Personal Saving Rate of American is shrinking since covid high
As noticed from the graph from St Louis Fed. The saving rate stood at 4.6 in May 2023 a significant drop of 33.8 in Apr 2020. The decline is below the average. Does this mean Americans are running out of money to spend ?
Mortgage Rate Update
Long term rates continue to fall 15 years stood at 6.06% and 30 years stood at 6.78%
Market Stats
The Median Price per square foot in Collin County stood at $216.86. Active Listings were up 0.2% YoY
Lock-In Effect is Real in Residential Real estate.
According to Realtor.com, there were 26% fewer U.S. homes listed for sale in June 2023 than in June 2022, and 28.9% fewer than in June 2019. An interesting article on fortune.com summed this well “just consider the fact that 91% of mortgage borrowers have an interest rate below 5%, including 70.7% with an interest rate below 4%. For those homeowners, it simply doesn’t make a lot of sense to sell and purchase a property right now at a 6% or 7% mortgage rate.”
A Recent tweet by @NewsLambert from Fortune magazine draws attention to the fact of lock in effect
Texas Ranked in Top 10 on CNBC Annual Ranking of Top States for Business 2023
CNBC annual ranking of Top states is out and the top spot for business this year went to North Carolina followed by Virginia and Tennesse.
Georgia stood at #4, Minnesota at #5 followed by Texas. Texas was ranked # 2 in workforce
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Is Commercial Real Estate the Next Shoe to Drop
The average vacancy rate in office space was up 18.6% in Q1 2023. Although the work-from-home trend is improving as companies are mandating workers to return to office, but most spaces are still empty. As the bank earnings are unravelling, bank balance sheet seems to show more and more exposure to commercial real estate.
The sectors that will be most impacted by commercial real estate bust will be banking, insurance companies that have invested or underwritten commercial mortgage loan. SIVB, Signature bank debacle has increased the nervousness among the market participants. A recent Bloomberg report shed light on Fed acknowledging that the lack of oversight staff at Fed NY branch led to the slow response on signature bank. It’s too late on Fed part to take responsibility Although the depositors were made whole Shareholders and bond holders lost big on these banks. This definitely has rattled the capital markets and the markets have not gained their footing so far from this debacle. Another bank that seems to be in the limelight post earning is First Republic Bank. Is First Republic bank next to fold? only time will tell.
How is this all-related let’s try to understand that in these paragraphs. The failure of these banks has exposed the crack in balance sheet of small banks which are carrying longer Yield to Maturity (YTM) bonds. It all started with the era of free money where smaller banks were exempt from stress test and liquidity caps and as they got huge deposit, during the COVID era due to government transfers they ended up investing those at the longer end of the curve less did they know at that point that the free money was fueling inflation and the Fed will raise rate quickly and aggressively.
With Fed raising rates depositors were getting 4-5% on CD’s and treasury bills. As the depositor rushed to withdraw their money in search of better yields these failed banks in an effort to ramp up liquidity were forced to sell many of their longer end YTM bonds at losses.
Commercial Real estate is also struggling with the raising rates. Are these bank failures pointing to something systematic in the system. A recent article in Fortune highlights how commercial real estate lending standards is tightening and the Fed raising rate has not helped the space and many Commercial Real Estate (CRE) operators will struggle to repay their debt or keep up their mortgage payment if the Fed keep the rates up longer. Inflation seems to be deeply ingrained and persistent as such the Fed has no choice but to keep the rates longer.
Let’s look at vacancies, Rising vacancies compounded with increasing rates have left quite a few office REITS scrambling in search of liquidity to service debt payment. The distress in the market will be exposed further once these loans mature.
Morgan Stanley’s wealth management chief investment officer, Lisa Shalett, wrote in a recent report, “More than 50% of the $2.9 trillion in commercial mortgages will need to be renegotiated in the next 24 months . The note can be download here.
A Recent section on Bisnow discussed the need for US Government intervention in Commercial Real. The article went on to say “Without some sort of intervention or assistance from federal regulators or a bailout from elected officials, industry advocates say the office sector could collapse — and drag regional banks down with it, causing the sort of broad financial catastrophe that nearly occurred with Silicon Valley Bank.”
All signs seem to be pointing to cracks emerging in the CRE space and headlines seems to be confirming to the same. Will these cracks take the dam down is something yet to be seen. As the market awaits Fed pivot it is yet to be seen if the pivot will be too late for Commercial Real Estate.
The commercial space property value stood at $3.2 Trillion
US has the highest vacancy rate running somewhere at approximately 18%
Property Tax Relief with the passage of House Bill 2
The Texas house passed tax relief Bill. The Bill 2 establishes a 5% annual appraisal Cap on all the property types.
The bill limits the ability of local governments to increase property tax revenue without obtaining voter approval.
The bill requires certain information to be included in the notices of proposed tax rate increases sent to property owners.
It mandates that the appraisal district website must include a link to a searchable database of all tax rates for each taxing unit.
The bill increases transparency in the property tax process by requiring local governments to provide more detailed information about tax rates and revenue in their budget documents.
It also requires the Comptroller of Public Accounts to develop a property tax administration system to provide more transparency and accountability.
The bill establishes a Property Tax Administration Advisory Board to advise and assist the comptroller with the development of the new system.
Finally, the bill provides for penalties for noncompliance and authorizes the attorney general to investigate and enforce the provisions of the bill.
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Dallas housing market continues to be resilient
According to National Association of Realtors Even against the backdrop of a national housing slowdown, the South is expected to remain a booming region for home sales in 2023. “The demand for housing continues to outpace supply,” says NAR Chief Economist Lawrence Yun.
The Top 5 Markets identified by NAR are
Atlanta-Sandy Springs-Marietta, Ga.
Raleigh, N.C.
Dallas-Fort Worth-Arlington, Texas
Fayetteville-Springdale-Rogers, Ark.-Mo.
Greenville-Anderson-Mauldin, S.C.
From National Association of Realtor
Builder Permit and Housing Market at Glance
Builder Permit and Housing Market at Glance
Over all housing decreased by 4.5% to a seasonally adjusted annual rate of 1.31 million units
Housing construction weakened in January as ongoing affordability conditions fueled by high mortgage rates and building material costs challenged the market,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB)
Mortgage rates increase by 2 basis points to 6.32% for 30 years and 5.51% for 15 years according to Freddiemac
Capital Markets
Inflation appears to be sticky. Although inflation shows a downward trend. CPI numbers released on Feb 14th, 2023 were higher than expected According to the U.S. Bureau of Labor Statistics CPI rose 0.5 percent MOM in January on a seasonally adjusted basis, after increasing 0.1 percent in December 2022. Shelter was the highest contributor, accounting for half of the increase. The food index rose by 0.5% followed by energy at 2.0%.
Y/Y, core CPI climbed 5.6%, vs. +5.5% expected and +5.7% prior and representing the smallest 12-month increase since December 2021.
Where are interest Rates Heading
Loretta Mester, president of the Cleveland Fed, believes the economy is on a strong path, and that it may be appropriate for the Fed to raise interest rates sooner rather than later.
Cleveland Fed President Loretta Mester told, “I didn’t see a change in my outlook, that the funds’ rate would have to go above 5%,”. In Addition to Ms. Mester. St. Louis Fed President James Bullard also felt a 50-basis point hike was necessary to tame inflation.
Contributor: Capital Markets – Ishan Pandey | Real Estate: Balgovind Pandey
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Ever since mortgage rates have gone up, I have received a lot of questions on what is happening to home prices. In the following section I will cover some of those.
Supply and Demand are not at equilibrium
At the outset of pandemic more homeowners have refinanced their mortgages to a lower rate. These homeowners are in no mood to sell in this rising rate environment. The supply of homes is still historically at lower levels than it has been due to supply chain issues, lockdown, and other macro-economic factors.
The process of construction has slowed down tremendously due to the supply chain shortage and labor shortages.
Most builders are still operating with reservation list.
Competition is high
The stock market boom has also contributed to the increase in home prices. There are more cash buyers today than there have historically been. This is adding strain on first time home buyers. Most buyers are stretching to buy their dream home and a lot of contracts are written with appraisal waiver clauses. This will eventually slow down as liquidity is flushed out of the market.
Accessing Credit is not easy today
Ever since the collapse of the housing market. Credit and underwriting requirements have become increasingly stringent. Most Americans are still not able to qualify for home purchases.
Prices are still historically high, and rents have gone up. This will prevent consumers from saving on down payments.
The Fed has started playing its part in raising rates and taking their foot off the gas pedal from stimulating the economy.
The Median prices of homes in DFW as of the latest data from Texas Real Estate Center in Dallas County has gone up by 19% compared to March 2021
Month of inventory is at 0.8
Increasing rent has prevented American consumer from saving for down payment towards purchase of their home.
Inventory is low – Listing of Preowned homes are drying up.
A lot of homeowners capitalized on sellers’ markets and sold their homes cashed in their Equity where in some of them downsized, most upsized to homes with dedicated office spaces and multiple rooms.
The influx of out-of-state residents from states such as California, New York, and New Jersey in search of warmer weather and larger homes has depleted the inventory further.
Most homeowners have preferred to stick to their homes for now as they have locked in historically low fixed mortgage rate.They are in no mood to move out and buy something at soaring prices and higher rates.
Builders are building less as they too are also feeling the pinch of rising rates.
Inflation is eating away Affordability
The top-line inflation reading for May was 8.3 as inflation is going up and the affordability of homes is deteriorating. The cost of raw materials compounded with the supply chain problem has made affordability difficult
The Midwest was the most inexpensive area, with an index score of 170.6. The West remained the least affordable area, with a score of 97.1.
In March, affordability deteriorated as monthly mortgage payments rose 32.0 percent while median household income decreased 6.6 percent.
From the previous month, affordability was lower in all areas. At 25.7 percent of income, the West has the greatest mortgage payment to income proportion. At 14.7 percent, the Midwest had the lowest mortgage payment as a proportion of income.
Mortgage Payments have gone Up
The American consumer is paying more towards their mortgage than they used to pay a year ago. if they have purchased their home after the recent rate hikes.
The normalization in home prices especially in certain cities of DFW metro may take time.
There are four things that need to happen before normalization
Supply and demand has to get back to normal levels.
War in Ukraine and zero Covid policies in China would have to ease so supply chain can be normalized especially energy supply and other finished products that is contributing to escalating inflation.
The current ongoing volatility caused by the Fed in its fight against inflation is not helping going to help the consumer in short and medium term. Fed has already given sufficient warning in its fight on inflation . Inflation would have to drop to meaningful and acceptable levels for fed to stop raising rates.
In the process to contain the inflation the Fed may cause a recession. Fed’s Softish landing is highly unlikely. I see gyration in equity and bond markets.
Until these four things happen, we are not going to see a broader normalization in prices. There may be pockets where the prices may come down but not broadly. We may hear and there news snippets on decline in mortgage application, but that will not be meaningful to prices.
Last but not least, We are in for a long haul as far as normalization of prices is concerned. Each of these points will take time some are in Fed’s control especially the demand side but others are out of its control (Supply Side). Equity Markets will flush first. I hate to say this but, people will have to panic sell the equities before the housing markets starts to see the effect. We are still not at that point. All signs points to a multi-month or multiyear grind of ups and down.
My take of the current Market conditions
The Fed recent warning on getting inflation under control with softish landing of the economy currently is questionable.
Equity markets have not yet priced in the recession factor which is highly likely given the acceleration in asset prices recently across the board.
The effect of recession on housing prices is not yet fully understood as we have not seen something like this in a while.
The 2008 financial crisis was caused due to laxity in credit and underwriting requirements leading to subprime mortgage crisis.
This is not the case today. Credit is still tight, consumers are strong. Equity markets are not fully flushed.
Last but not least consumer are sitting on the highest home equities in long time. We are still not at the point where there is fear or capitulation leading people to tap on some of their hard-assets. We are still far off from any meaningful correction in Housing markets.
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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.
Texas Topped as the best place to buy homes
According to Wallethub List Texas topped the no 1 state to buy homes.
Frisco was ranked number 1 followed by Austin at no.2 Mckinney was at no.4 followed by Denton at no.5 and Allen at No.6
The rest of WalletHub’s top ten cities were No. 3 Gilbert, Ariz.; No. 7 Durham, N.C.; No. 8 Reno, Nev.; No. 9 Roseville, Calif.; and Nashville, Tenn.
Texas housing Market at glance
Employment Statistics at a glance From Texas A&M Real estate Center
Texas added 80,900 nonagricultural jobs last month, marking gains in 14 of the last 16 months.
Texas’ job growth rate matched the nation’s at 0.6 percent. The Texas Real Estate Research Center forecasted a growth rate of 0.5 percent for July.
The state added 714,800 jobs since July 2020. The Texas economy now needs to gain almost 261,700 jobs to return to pre-pandemic levels.
Development News
38 Acres of Mixed use Development in Keller.
According to Rebusinessonline. Realty Capital Management and South Carolina-based Greystar are underway on construction of Keller Center Stage, a 38-acre mixed-use project on the northern outskirts of Fort Worth
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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
Development News
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.
If you have a friend or family members looking to Buy/Sell/Lease Residential or Commercial Properties. We are here to help you and and your loved ones.
Let us help you find the home where your dreams come true
Taylor Morrison to develop 150 SFR in Grand Prairie
According to rebusinessonline Taylor Morrison home corp to develop a 140 SFR Community in Metro Dallas
Taylor Morrison home corp. is looking to develop 14—sq foot single family unit 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
Development News
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.
If you have a friend or family members looking to Buy/Sell/Lease Residential or Commercial Properties. We are here to help you and and your loved ones.
Let us help you find the home where your dreams come true
Austin and Dallas are top destination for foreign investments.
According to Association of Foreign Investors in Real Estate (AFIRE). Dallas and Austin are the Top Real Estate markets in 2021. Atlanta and Newyork were at 25% and 21% respectively.
Overall, 90 percent of respondents said they plan to increase their position in U.S. cities over the next three to five years.
Of the markets foreign investors plan to leave, New York, Chicago and San Francisco top the list. Houston was also in the top five.
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
Development News
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.
If you have a friend or family members looking to Buy/Sell/Lease Residential or Commercial Properties. We are here to help you and and your loved ones.
Let us help you find the home where your dreams come true
Summary of the week ending March 5th 2021
>> Fed Chair Powell acknowledged that the long-term rates were rising and did not confirm if the Fed will buy additional bonds leading to further tumbling and sell off in Stocks.
>> Dow at one point tumbling more than 700 points intra day and then recovering to 400 points.
10-year Treasury yield rising to above1.5% for the first time since the onset of pandemic.
>> Growth stocks and Nasdaq hammered due to rotation to cyclical and industrial.
Mortgage rates headed above 3% for the first time since last July 2020.
According to Freddie Mac’s Primary Mortgage Market Survey The average rate on a 30-year fixed-rate mortgage increased to 3.02%. The first since July 2020. We don’t expect this to affect the real estate market presently.
The demand and supply presently is out of equilibrium due to the excess demand and limited supply which was hampered by availability of war materials and labor due to Covid-19 impact
Over 264,900 Texas mortgages were past due in fourth quarter 2020, according to data from the Mortgage Bankers Association
Texas Initial Jobless Claim drops
According to the Texas Real Estate Research Center. Initial unemployment insurance claims in Texas decreased to 38,100 the week ending Feb. 6, continuing a four-week downward trend.
This is the largest weekly decline since the week ending Sept. 12, 2020.
“The solid decline in initial claims is a sign that layoffs have started to slow,” said Texas Real Estate Research Center Research Economist Dr. Luis Torres.
Market Statistics at a glance
The median price of home sold in Jan 2021 was $262K up 12% YOY
Supply seems to be constrained the months of inventory is down 1.5% YOY and stood at 1.6
Median price per sq foot was $133.56
Median home size was 1,980
Development News
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.
If you have a friend or family members looking to Buy/Sell/Lease Residential or Commercial Properties. We are here to help you and and your loved ones.
Let us help you find the home where your dreams come true
