The Texas Housing Insight, issued monthly by the Texas Real Estate Research Center at Texas A&M University, brought good to moderate news to the Dallas-Fort Worth real-estate scene.
Yes, sales and permits are projected to grow, but not as much as 2020.
In D-FW, new home construction permits are projected to increase by 13.8 percent in 2021 versus a 21.5-percent increase in 2020. D-FW issued 3,641 non-seasonally adjusted permits, which topped the national list.
Statewide, new construction is expected to increase to 15.2 percent in 2021 as opposed to the 20.3 percent increase in 2020.
Building permits and housing starts normalized after months of robust activity. The average days on market fell to an all-time low of 44 days, indicating steady demand as mortgage interest rates reached all-time lows. Homes moved faster in Fort Worth (33 days) and Dallas (35) than the statewide average.
D-FW single-family home sales are expected to increase by 7.3 percent over the number sold the past year when the increase was 9.8 percent. Statewide, total housing sales stabilized following record-setting levels the previous month.
More findings from the Texas Housing Insight:
- The Texas median home price appreciation accelerated 12.7 percent year over year in November to a record-high $274,800. In the D-FW area, home-price appreciation was 11.9 percent with Dallas values at $328,200 and Fort Worth at $278,600.
- Dallas and Fort Worth both saw total housing sales decline in November. Dallas was down 2.9 percent and 2.3 percent in Fort Worth. Statewide sales were flat, down 0.7 percent.
- Eight percent of Dallas-Fort Worth residents were not caught up on their mortgages, down from 12 percent from the previous month, according to the U.S. Census Bureau’s Household Pulse Survey.
Other Notable Reports
- December Rent Report: The average rent for a one-bedroom apartment unit in Dallas increased by 0.2 percent compared to December 2019, reaching $1,249. For comparison, the national average rent at the end of the year was $1,462. Fort Worth was up 3.9 percent, reaching $1,172. Arlington increased by 3.8 since last December, reaching $1,082. Irving emerged as the most popular area for enters with a 63 percent renter share. Flower Mound charges the most rent in D-FW at $1,581, down 1.4 percent in a year. Mesquite is the lowers with an average price of $1,014. Learn more.
- Tomlin Investments Report: Frisco issued 2,445 residential single-family home construction permits last year, the most of any Dallas-Fort Worth suburb, according to Tomlin Investments. Celina was second with 1,862. McKinney issued 1,547 permits last year. Learn more.
