DFW: DFW led the state in home sales during the third quarter, reports the Dallas Morning News. More than 29,000 homes sold during that time, almost a quarter of all Texas sales, according to the TRA. Statewide home sales were up 3.5% over last year. DFW sales by agents were up 5.7% from a year ago. North Texas median home sale prices rose 3.6% to $275,501, compared to Austin’s median price of $310,900. Economists at the Real Estate Center at Texas A&M expect attractive interest rates to attract buyers and predict new home construction will continue to rise in DFW. In the first nine months of 2019, area home sales by agents are 2% ahead of last year.
DFW: Some of the biggest home sale increases in the first nine months have been in fast-growing suburban markets including Prosper (+24%), Melissa (+18%) and Allen (+15%). Some areas had slight declines including Plano (-65%), the Park Cities (-5%) and North Dallas (-5%). Some of the bigger price increases are in areas with more affordable homes, including Southeast Dallas (+12%), Duncanville (+11%) and Southern Dallas (+10%). The NAR forecasts predicts nationwide median home prices will rise 4-5% in 2019. Some highlights:
- Far North Dallas: Sales 783 (-2%), median price $445,000 (0%)
- North Dallas: Sales 504 (-5%), median price $870,000 (-10%)
- East Dallas: Sales 1,746 (0%), median price $376,850 (-2%)
- Oak Lawn: Sales 53 (-25%), median price $433,550 (+18%)
- Park Cities: Sales 548 (-5%), median price $1,332,500 (+7%)
- Southlake: Sales 437 (-5%), median price $760,000 (+1%)
D.C.: The Fed’s drop in interest rates to a range of 1.5 and 1.75% makes financing cheaper, attracts real estate deals as asset classes such as bonds less attractive and prompts investors to look at higher-income producing assets including industrial and multifamily. The housing market is likely to get a boost from lower mortgage rates. Last quarter, lenders issued the most mortgages in 14 years, providing $700 billion of home loans between July and September, according to Inside Mortgage Finance. Lower rates have also led to more refinancing activity, both residential and commercial. On the residential side, nationwide refinancing activity has jumped 75% from a year ago, according to Black Night data used in the Wall Street Journal.
Indianapolis: The NCAA has decided that college athletes nationwide are soon to be allowed to earn compensation for endorsement deals. The landmark decision is a stark reversal of the college sports association’s stance against paying athletes. The NCAA board has directed its three divisions to make changes to compensation rules no later than January 2021, according to the Wall Street Journal. Some top-tier athletes may secure lucrative contracts and look for homes for themselves or family members. Real estate agents may have increased responsibility representing a teenage athlete considering a major financial decision.
Inglewood: With the new football home of the Los Angeles Rams and Chargers 75% completed, The Kroenke Group and Hollywood Park have announced the first group of tenants for the $5 billion, 298-acre mixed-use stadium and entertainment destination development. Hollywood Park will feature the indoor/ outdoor SoFi Stadium, a 6,000-seat performing arts venue, 780,000 sq. ft. of office space, up to 840,000 sq. ft. of retail, a hotel, 2,500 residences, restaurants and 20 acres of park space. The 70,000-100,000-seat stadium is slated to open in summer 2020, followed by the first phase of the project’s performing arts venue, some retail, office and 300 residences — all within a year of the stadium opening. The stadium has been tapped to host the 2028 Olympics Games’ opening and closing ceremonies and will host the 2022 Super Bowl and 2023 College Football National Championship.
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