Friday, March 17, 2017
Dallas Housing and Commercial Notes
For the second year in a row, the Texas housing market hit an all time high for both prices and the number of properties purchased. Real estate agents sold 323,607 homes last year, up 4.4% from 2015. Median prices rose 7.6%. DFW home prices were up 9% and home sales of over 98,000 rose 5%, with more houses sold than in any other Texas metro area. The North Texas supply of available homes is 1.8 months, compared to the state’s 3.3 months.
According to a national study, DFW homeowners are spending an average of 15% of annual income for mortgage payments, less than the historical local average of 20%. Residents are spending about 30% for rent. Nationwide, homeowners spend almost 16% of monthly income to buy a home, the highest percentage in a decade
A new survey from Cushman/Wakefield shows the North Texas industrial market had 5.3 million sq.ft. net absorption in the 4th quarter, leading the nation. Tenants absorbed 23.7 million sq.ft. in North Texas last year, a 43% increase. Construction completions totaled 22.4 million sq.ft. at year end, 46% ahead of the prior year. Around 17 million sq.ft. of new industrial space is underway.
North Texas homebuilders started almost 30,000 new homes last year, more than any other market. A Chinese investor plans to increase that number through a $655 million investment with Serene County Homes to fund construction of 2,300 homes in Tarrant County’s Sendera Ranch community. The Puyin Blockchain Group of Shenzhen, China, wants to be “the leading developer of affordable housing in America”. The homes are planned to start at around $200,000.