Area home prices were up 7% from a year ago in the new Standard & Pool’s/Case-Shiller Index, compared to a 6.2% increase nationwide. San Diego, Los Angeles, Miami, Portland and Seattle all are seeing strong gains. Biggest increases were Seattle, up 12.7%, and Las Vegas, up 10.6%.
Construction in North Texas set a record high in 2017 with $22 billion in projects. Building in the DFW area was 6% higher than 2016, which was an all-time high. For the year, DFW commercial building activity totaled $9.6 billion and residential activity hit $12.6 billion, including single and multi-family. Dodge data predicts slightly slower growth in 2018.
Dallas: Home sales set another record for North Texas in 2017, with 106,000+ single family homes, up 5% over the previous high in 2016. Prices were up 9%. The biggest increase was in sales of million-dollar homes, up 21%. Listings were up 6%, but still at only a two-month supply. Almost 40% of Dallas-area homes sold for more than 40% above the listed price, a proportion that tracks the last three years. Nationally, that ratio was about 1 in 4 homes. Above list prices in San Antonio were 42%, in Austin 33% and Houston 33%. 
Dallas: DFW was the nation’s top office market for 2017, net leasing almost 4.7 million square feet, an increase of 38% over 2016. Largest leasing totals were in the West Plano-Frisco, Las Colinas and Downtown areas.
Dallas: Preowned homes sales in North Texas totaled 101,529 in 2016, topping 100,000 for the first time. In December, 8,635 homes were sold (MLS) and the median price rose 10% from a year earlier. North Texas home prices are up 40% in four years. Only 16,400 homes were listed at the end of 2016, less than a two-month supply. Biggest increase in homes were in the $300,000-$600,000 range, up 20%. Sales of $1 million-plus homes were 12% higher, with 1,367 sold.
NYC: People are moving our of major metro areas in the U.S. faster than they’re moving in, according to recent Abodo research, noting the average American moves 11 times in a lifetime. Rapidly growing housing costs appear to be a factor. The Census Bureau states Dallas is the second fastest growing metro area in the U.S.
Join us today from 5-7 PM for a Wine Tasting, SanLo Jewelry Show & an Unveiling of Stunning Newly Staged 3624 Dartmouth Avenue!
Doris Jacobs, Kim Jacobs Calloway and Teffy Jacobs were named as one of the “Who’s Who of Dallas Real Estate Agents” in Modern Luxury Dallas’ 2016 Dallas Real Estate Awards – April 2016 issue.
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