DFW: The average Dallas-area homeowner gained $5,200 in increased property equity — the difference between mortgage balance and home value — during the last year, reports CoreLogic. That’s more than the average Texas increase of $4,600. U.S. homeowners have gained nearly $457 billion in property equity since the third quarter of 2018, as home values nationwide continue to rise, says the firm. And the fewest percentage of owners since the recession are underwater in the debt on their properties. After more than eight years of rising home prices and employment growth, underwater owners have been slashed to just 2 million, less than 4% of mortgaged homes. It’s even less in DFW, where just 1.35% of homeowners owed more than their house was worth. The DFW area in third quarter 2019 had the smallest percentage of homeowners with negative equity of any major market. Median prices in North Texas have risen almost 70% since the downturn. And housing costs in the Dallas area are at an all-time high.
D.C.: The National Association of Realtors has selected 10 home markets across the nation that it expects to outperform during the next three to five years. Dallas-Ft. Worth is on the list, along with Charleston, SC; Charlotte, NC; Colorado Springs, CO; Columbus, OH; Fort Collins, CO; Las Vegas, NV; Ogden, UT, Raleigh, NC; and Tampa, FL. The Realtors’ study said strong job growth is driving up prices in the top markets. In the DFW area, the NAR found that 75% of recent home moves were by renters. The median age of people who moved to North Texas was 29, and the median value of homes bought by movers to DFW was $289,700. Last year, more than 550,000 people moved to Texas, most coming from California. Almost 140,000 moved to DFW last year, mostly to Dallas and Tarrant counties. Through the first 11 months of 2019, sales of homes in North Texas by real estate agents are up 2% and median home prices are 3% higher than the same period in 2018.
DFW: The block of property at Cedar Springs Road and Olive Street has been bought for a 19-story, 230- room luxury hotel. The triangular site currently has a small retail building across from the McKinney & Olive Tower. Four new hotels are planned for Uptown. At Carlisle and Fairmount Streets, a 14-story, 255-room Marriott Hotel is planned. And a 20-story hotel will occupy the corner of McKinnon and Moody streets, west of the Crescent and Tower Residences Ritz-Carlton building. A 19-story hotel is to be constructed on Hall Street near McKinney Avenue. The 300-room property will be dual-branded as Motto and Spark, two new Hilton brands.
NYC: Starting July 2021, real estate brokers previously exempt from the state-mandated 22.5 hours of continuing education will need to study if they want to renew their licenses. A newly-signed law does away with a provision that exempted brokers licensed before July 2008 who held their licenses continuously for at least 15 years. The law also requires 2 1/2 hours of “ethical business practices” and one hour dedicated to legal updates. That’s in addition to three hours of classes related to fair housing and/or discrimination and an hour related to law of agency.
DFW: North Texas home prices continue to rise in most DFW neighborhoods. In a study done by the Dallas Business Journal, the most-expensive median home value was in 75205, Highland Park, at $1,355,700, a 4% increase year-over-year. The median in 75225, University Park, was also up 4% at $1,276,800. North Dallas zip code 75230’s median was up 1% at $734,700. And Southlake, 76092, rose 2% to $672,200. Rounding out the top ten were 75254, Far North Dallas, up 8% with a median $642,300; 75209 in Bluffivew/Greenway Parks, down 1% at a median $638,900; 75201 Uptown/Downtown, up 1% with median $545,600; 75214 Lakewood, median up 5% at $516,900; 76034 Colleyville, median up 2% at $516,900; 75219 Turtle Creek/Oak Lawn with a median home value at $503,300, up 7%.
Menlo Park: Katerra, a prefab construction startup with completed projects including Austin, has stopped work on at least six projects this year. Katerra has touted its off-site building and management as transforming the building process. The firm has major backing from SoftBank Vision Fund.