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    Real Estate Ups and Downs

    First-time Texas homebuyers bear the brunt of record low inventory

    Lindsey Wilson
    May 11, 2015 | 4:18 pm

    Good news if you're planning to sell your home, not so good if you're looking to buy: According to the Texas Quarterly Housing Report, even though median home prices were up statewide in the first quarter of 2015, housing inventory hit an all-time low.

    In Dallas specifically, home sales in 1Q2015 were up 1.82 percent over the same period last year, and the median price increased nearly 12 percent — from $192,600 to $215,700. Available homes for sale, though, have dropped 18 percent, to just 1.8 months of inventory.

    In Fort Worth, sales were up 4.43 percent, median price was up 13.62 percent and inventory plummeted 25 percent from first quarter of 2014, to 2.1 months. Collin County had very little change in home sales, but there isn't that much there to buy: Inventory dropped more than 13 percent, down to only 1.3 months of inventory.

    Across Texas, the 1Q2015 numbers look like this: Sales were up a little more than 4 percent; the median price went up nearly 8 percent; and inventory was down almost 9 percent, to 3.1 months, a new record low.

    “The first quarter of the year is typically a slow period for home buying and selling, so we were thrilled to see strong home sales gains statewide in the first part of 2015,” says Scott Kesner, chairman of the Texas Association of Realtors, in a release.

    The news isn't entirely rosy if you're a first-time homebuyer, because low inventory and high prices can spell trouble down the road.

    “Homes are being built as quickly as possible, yet most are not in the price range where inventory is needed most – the entry-level market,” says Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University. “Interest rates are still low, but tight lending standards, rising home prices and slim inventory have created a tough market for first-time homebuyers.”

    You can read the first-quarter report in its entirety at the Texas Association of Realtors website.

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    Housing News

    Dallas approves $14.5 million for Buckner DART station project

    Raven Jordan
    May 16, 2025 | 6:27 pm
    Palladium Buckner Station Project
    Courtesy rendering
    Palladium Buckner Station Project

    The Dallas City Council unanimously approved a $14.5 million incentive for the Palladium Buckner Station Project, a proposed mixed-income and transit-oriented development project at the Dallas Area Rapid Transit (DART) Buckner Light Rail Station at 8008 Elam Rd.

    The estimated $107.1 million project is being developed by multi-family developer Palladium USA in partnership with Dallas Housing Finance Corporation and will be built on a space that is currently a parking lot.

    It will include new ground-up construction of residential buildings to include 304 mixed-income apartments comprised of 90 one-bedroom, 147 two-bedroom, and 67 three-bedroom units. Of the 304 apartments, 244 will be income-restricted and leased solely to households earning at or below 60 percent area family median income.

    There will also be two residential parking garages with 350 spaces, and a publicly accessible promenade providing a direct pedestrian connection to the DART Buckner Light Rail Station.

    City Council member Jaime Resendez, in whose southeast Dallas District 5 the project resides, says in a statement that "this development directly addresses the City’s urgent need for high-quality affordable housing and has the potential to catalyze meaningful economic development and revitalization in a community that truly needs it."

    The $14.5 million incentive includes a loan of $6,183,092 and a grant of $8,316,907 from several funding sources administered by the City’s Office of Economic Development, including general obligation bond proceeds from the economic development/housing propositions in the City’s bond programs.

    The proposal is one of five transit-oriented development projects on DART-owned property up for review, with a goal to increase DART ridership by providing a mix of market-rate and affordable housing that easily connect to DART.

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