Slipping sales

New-home market in Dallas-Fort Worth cools off, new data shows

Austin Photo Set: News_steven_home buying need a job to qualify_may 2012_sold house

A decline in pending new home sales can impact future new home sales growth, experts say.

Courtesy photo

It may be hot as you-know-what outside, but the new-home market in Dallas-Fort Worth is cooling off just a tad, according to data compiled by HomesUSA.com.

New-home sales in DFW totaled 1,270 in July, down 6.9 percent from 1,364 in June and down 2.8 percent from 1,306 in July 2018, HomesUSA.com says in an August 19 release.

Meanwhile, the average price of a new home in DFW has held fairly steady over the past year. The average price in July was $375,694, compared with $373,960 in June and $376,596 last July, according to Addison-based HomesUSA.com, whose technology platform helps builders sell homes.

The state’s three other major metro areas saw similar trends in new-home sales, the HomesUSA.com data shows.

Ben Caballero, founder and CEO of HomesUSA.com, says all four of Texas’ major new-home markets remain healthy.

“After a good 2018, the market is steady, but as last fall proved, it is very sensitive to interest rates,” Caballero says. “At the moment, I expect a good market and expect prices to be in check due to builder competition. With current interest rates, this is a good time to buy.”

In the HomesUSA.com data, the most dramatic change outside DFW happened in San Antonio. There, the average number of new-home sales dropped 13.1 percent from June to July (going from 534 to 491). The decline from July 2018 (519 sales) to July 2019 was 5.4 percent, HomesUSA.com says.

At the other end of the spectrum, Austin experienced the smallest year-over-year decline in average new-home sales — from 667 in July 2018 to 653 in July 2019, a decrease of 2.1 percent. The month-to-month fall-off was bigger, however, with the number shrinking 6.7 percent from June 2019 (700 sales) to July 2019.

Houston’s numbers were much like Austin’s. From June 2019 to July 2019, the average number of home sales went from 1,388 to 1,297, a difference of 6.6 percent. From July 2018 (1,256 sales) to July 2019, the decrease was 3.3 percent.

The waning number of new-home sales in Austin, Houston, and San Antonio coincided with a slight overall uptick in new-home prices, according to HomesUSA.com.

Austin witnessed the biggest jump in average new-home prices, the HomesUSA.com data indicates. The average price in July 2019 was $372,365, up 1.9 percent from July 2018 ($365,495) and up 1.5 percent from June 2019 ($367,041).

San Antonio saw less movement in prices than Austin did. The average new-home sale price in San Antonio stood at $299,151 in July 2019, up from 1.8 percent in July 2018 ($293,842) and up 0.6 percent from June 2019 ($297,387), HomesUSA.com says.

In Houston, new-home prices barely budged. The average price in July 2019 was $357,118, up 0.4 percent from July 2018 ($355,842) but down 0.5 percent from June 2019 ($358,810), according to HomesUSA.com.

HomesUSA.com relied on Multiple Listing Service data from Realtors groups in DFW, Austin, Houston, and San Antonio to produce its analysis.

Apartment News

Dallas City Council approves ForwardDallas plan on future development

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This is an Dallasite's sign to launch that small business they've been dreaming of.

After three years of debate, the Dallas City Council voted 11-4 in favor of ForwardDallas, an update to its 2006 comprehensive land use plan, which will decide how and where the City of Dallas should grow over the coming decades.

The plan was built around Environmental Justice and Sustainability, Transit-Oriented Development (TOD) and Connectivity, Housing Choice and Access, Economic Development and Revitalization, Community and Urban Design.

ForwardDallas was originally adopted in 2006. Since then, Dallas has undergone unprecedented growth. By reimagining how the City uses its land, it has identified new opportunities to design spaces that offer equitable access to resources, reinforce the strengths of our communities, and foster continued growth as a thriving, accessible city for all.

Today’s vote follows nearly three years of stakeholder feedback, including more than 200 in-person events, and more than 70 virtual events. The ForwardDallas 2.0 website has had more than 25,000 visits and 1,600 web map comments. The first full draft of the plan was published for public review in September 2023. The Dallas City Council Economic Development Committee, City Plan Commission (CPC), and the Comprehensive Land Use Plan Committee (CLUP) provided guidance to the plan’s evolution and final approval for the City Council to consider.

The council took hours to vote, addin numerous amendments along the way.

Voting in favor were Chad West, Zarin Gracey, Adam Bazaldua, Jaime Resendez, Jaynie Schultz, Tennell Atkins, Kathy Stewart, Paula Blackmon, Omar Narvaez, Gay Donnell Willis, and Paul Ridley. Voting against were Carolyn King Arnold, Cara Mendelsohn, Jesse Moreno, and Mayor Eric Johnson.

“ForwardDallas 2.0 is a collaborative effort that could not have been achieved without the hard work of City of Dallas staff, elected and appointed officials, and our many residents who participated through feedback,” said Mayor Pro Tem Tennell Atkins, who also serves as the Chair of the Economic Development Committee. “This critical and much needed update creates a path forward for our City while addressing decades long, systemic land use issues. It considers the City’s future growth, provides protection for existing neighborhoods, and addresses head on historic environmental and social inequities.”

“This journey began with the goal of developing a strategic roadmap to support Dallas’ growth and social vibrancy while preserving the quality of life for all. We appreciate Chair Atkin’s leadership, the support of the City Council, the City Plan Commission, Comprehensive Land Use Plan Committee and our residents for the feedback and guidance they have provided over the last three years,” said Interim City Manager Kimberly Bizor Tolbert. “We look forward to implementing ForwardDallas 2.0, reporting out on it and being held accountable for its progress. Finally, I want to thank our City of Dallas team who championed this effort. Their level of engagement to ensure every voice was heard is a testament to their unwavering dedication to our City and delivering Service First, Now!”

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