Just the Facts: Dallas Continuing to GrowPosted: March 3, 2016
Dallas-Area Home Price Still Racing Up
9.8% Increase in January; Economists Predicted 3-4% Increase for DFW
Dallas-area home prices rose by almost 9.8 percent in January, continuing to grow faster than nationwide rates. The analysts had predicted the DFW area would slow to a 3% to 4% increase in 2016, but are now revising – there is simply too many jobs coming to North Texas. Analysts expect that North Texas’ near double-digit home price gains will continue as long as employment growth in the area remains strong. CoreLogic said Tuesday that U.S. home prices were 6.9 percent higher in January than they were at the start of 2015. “Heading into the spring buying season, home prices continue to rise across much of the country,” said Anand Nallathambi, president and CEO of CoreLogic. “With rates staying low for now and continued solid job and income growth, the spring buying season is shaping up to be a good one.” CoreLogic is forecasting that nationwide home prices will rise by 5.5 percent in the year ahead.
– Dallas Morning News, March 1, 2016 (excerpt of article)
Castle Hills Developer Has Bought Singer Ranch; Negotiating with Clem Ranch.
Will Be Larger Than Valley Ranch
About 3,400 houses have been completed in the Castle Hills community. Another 1,500 lots are in development. Now Chris bright has announced the purchase of the Singer Ranch (Old Denton Rd, just south of Windhaven) and negotiations underway for the Clem Ranch (Josey at Parker Rd)
Bright Realty just acquired the next door Singer Ranch, a more than 100-acre property on Old Denton Road. The former horse boarding and riding facility is surrounded to the east on three sides by Castle Hills. Bright Realty CEO Chris Bright said the purchase will give Castle Hills land for more than 300 additional homebuilding sites. “We moved fast to buy it,” Bright said. “We knew the way things are working right now in single-family home development that it would sell fast. Bright Realty is already working with the City of Carrollton to plan and zone the property – much of which is located in a floodplain and is wooded creek area.
Bright said he’s working with the Clem family, which owns about 140 acres north of Castle Hills to expand the project further. “That family has owned that property since 1860,” he said. “We are doing a joint venture with them that will give us another 400 to 500 lots north of Parker Road.”
More than 12,000 people now live in Castle Hills. In addition to the custom home communities, Bright Realty is building shopping apartments and an office park to complement the residential neighborhoods.
– Dallas Morning News, March 2, 2016 (excerpts)
No Dallas Bubble Most Housing Analysts Say in New Poll
North Texas were up 11 percent on 2015. With a year of double-digit home price gains, concerns about housing costs in North Texas are growing. Most housing experts polled for the study by Zillow said Dallas has no significant risk of a housing bubble in the next five years. The rest said Dallas is either already in a bubble or will be in the next few years. That is a better forecast than almost any other major city. “It is very clear that nationally we are not seeing a return of the conditions that caused the last national bubble,” Gudell said. “Tighter lending restrictions today mean we aren’t seeing buyers get loans they realistically can’t pay back, like we did in years past. “It’s significant that some experts are starting to worry about bubble conditions, but in my opinion, there’s no real danger of a severe crash like the one we all remember from the last decade.” But continued employment gains and population increases will keep housing demands strong in Dallas. Some 20 of the analysts saw no risk for Dallas in for more than five years.
– Dallas Morning News, December 9, 2016 (excerpts)