In the News

Dallas home prices set another record in May according to data from S&P Dow Jones for the Case-Shiller Index tracking 20 metro areas. Preowned prices were up 7.6% in May over a year ago, the largest gain since the Index began tracking Dallas prices in 2000. Both Dallas and Denver now are about 1% ahead of pre-recession price levels.

Dallas: At the recent Alternative Investments Conference at the Bush Library, Dallas and real estate were highly rated. From a current population of 26 million, Texas is forecast for another 30 million by 2050. Around 68% of all Texas jobs are in DFW, Houston, Austin and San Antonio. Nearly 90% of all jobs are within our 25 metro areas. The need will continue for housing, lending and private equity investment.

Doris Jacobs and Allie Beth Allman will be speaking about the latest Dallas real estate news on Real Talk Texas this Sunday, July 28th at noon on 570 AM KLIF! Please tune in!

Dallas: Local pre-owned home sales in DFW for the first half of the year are 20% higher than 2012. Analysts predict sales and prices will continue to rise through 2013. The DFW area has gained 104,600 new jobs in the last 12 months. During that time, residential permits were 34,270.

Preowned Dallas area home sales in 2nd quarter were 8,708 up 12% over a year ago. In the first half of 2013, sales are up 19% over last year.

Home prices were up 7.4% in April, the largest gain since the S&P index began tracking Dallas housing in 2000 and are at the higest level since September, 2007. Home sales in north Texas are up 20% to date over last year while inventory is down 22%. The US Commerce Department reports new home sales rose 2.1% in May to the highest level since July, 2008.

Families are smaller and homes are bigger according to US Census Bureau data. At 2306 sf, the typical new home is about 50% larger than 1973, while the average household is 15% smaller. Three bedroom homes still lead in total housing with 47% of buyers, but homes with 4 bedrooms were preferred by 41% last year.

The north Texas housing market broke records in May, up 23% over last year, with 9,197 homes sold, the most ever in one month. Condo sales were 614, up 54%. Median home prices rose 11%, highest level ever. Pending sales for homes are up 14%, for condos 32%. Although listings were up 8%, the total inventory was down 22% from last year. 118 homes were sold in the Park Cities and 118 in Preston Hollow.

The BBC lists 10 reasons the US is moving to Texas: jobs (4 of the top 10 metro areas for growth in 2013); cost of living (3 of the US top 10 metros); affordable housing; low taxes; choice of 6 big cities; family-friendly; fewer rules; variety of lifestyles; “Texans are normal” – and they aren’t leaving (more than 3/4 of adults born here still live here).

From 3:00-5:00 p.m., 3520 Blackburn Street ($2,495,000), 3500 Dartmouth Avenue ($3,995,000), 10650 Strait Lane ($6,895,000) and 10660 Strait Lane ($10,000,000). We would love to see you stop by!