Fifteen up-and-coming developers of color are pitching real estate projects meant to help revitalize disinvested communities in North Texas.
Driving the news: The Equitable Development Initiative, which supports aspiring real estate developers of color, will hold a graduation ceremony for its first Dallas cohort at the Texas Discovery Gardens tonight.
The Dallas-Fort Worth real estate market is still leveling off, according to the latest data from Redfin/MLS.
Why it matters: After two-plus years of plummeting inventory and sky-high home prices, metro-area buyers have waited a long time for a little relief.
Homes in North Texas are spending longer on the market and more than a third of homes for sale in the area have had a price cut, according to a new report from Zillow.
- Typical home prices fell in August — the second straight month — and are now down 2.5% ($9,860) from a peak in June.
Why it matters: While a decrease in overall home value means a drop in the total net worth of homeowners, the market dip also presents an opportunity for potential buyers who couldn't compete in the insanely hot market the area has seen over the last two years.
What's happening: Real estate agents attribute the slide to a combination of price climbs since the start of the pandemic and a recent increase in interest rates, which had been at record lows until this year.
- The rate on a 30-year fixed-rate mortgage spiked last week, reaching 6.7% Friday, according to Mortgage News Daily. That's up from 3.3% at the start of the year.
By the numbers: The median price of a home in North Texas is $415,000, up 15% year over year, according to the latest report by the Texas Real Estate Research Center at Texas A&M University.
- The share of listings with a price cut in August was 36.1%, compared with 33.9% in July, per Zillow.
- Listings typically spent four days longer on the market than in July.
Yes, but: Rent is still way up. The typical rent is $1,882, up 13.5% since August 2021, according to Zillow.
Zoom in: Sales in Collin County dropped the most, but the median home price was still $540,000, the highest in North Texas, according to the Dallas Morning News.
- Sales have actually gone up in Ellis County, where the median price is $400,000.
Zoom out: Nationwide, home values fell 0.3% from July to August, the largest monthly decrease since 2011, according to the Zillow report.
A total of 8,800 mixed-use apartments have been completed in Dallas since 2012, per a report from RentCafe, a nationwide apartment-search website.
Why it matters: Rental communities that include residential, office and retail space have gained a foothold in the last decade, especially as the pandemic heightened renters' preference for having amenities close at hand, the report found.
Developers are converting millions of square feet of office buildings into residential units in an effort to fill empty space in Downtown Dallas.
Why it matters: Dallas is competing with the broader North Texas region to attract employers and residents alike — and reimagining the city's core plays a big role in that effort.
Two Black real estate developers from Dallas will be part of a $40 million grant initiative designed to bring diversity to the region's booming real estate market while creating more affordable housing.
Why it matters: Real estate developers of color make up less than 5% of the roughly $175 billion U.S. housing development market, per a statement from Wells Fargo, one of the banks funding the new program called Growing Diverse Housing Developers.
With pending home sales up 11.5% and median home sale prices up 24% from May 2021, Dallas' real estate market is holding steady for now.
Why it matters: We keep hearing about a market crash, but so far, local data doesn't support that claim.
Dallasites have to earn 39.5% more than a year ago to afford the region's median-value home, per the latest analysis by real estate company Redfin.
The big picture: The income needed to afford a home has soared as limited inventory and strong demand drove up sale prices, and surging mortgage rates have made home loans more expensive.
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