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U.S. Pre-Owned Home Sales Up Slightly in November

U.S.: Sales of pre-existing homes across the country rose slightly in November from October. The National Association of Realtors said the sales of pre-owned homes rose 0.5% on average. Sales of pre-existing homes were higher in October because the popular 30-year mortgage rate was around 6.17%. The NAR said that even with lower mortgage rates in 2025, sales were down about 1% in November from November 2024, the first year-to-year dip since May. There were more than 1.4 million homes sold across the country last month, down 5.9% from October, but up 7.5% from last November. The NAR said that the low demand for condominiums was impacting the sales numbers. Condominium sales in 2025 have been down about 6%. Analysts say that mortgage rates will hover above 6% in 2026 and a NAR economist is predicting a double-digit spike in the sales of pre-existing homes.

DFW: Centurion American Development is building another community. The Farmers Branch developer has announced plans for a luxury townhome project in northwest Dallas. The Residences at Creek Hollow will include 31 townhomes varying from two and three stories. They will range in size from 1,600 square feet to about 2,700 square feet and will sell from $700,000 to more than $1.2 million. The land is on Marsh Lane just north of Walnut Hill Lane. A Dallas County government building had occupied the 2-acre site where the estimated $35 million development will be built. It was severely damaged in October 2019 when a tornado tore through the neighborhood, damaging or destroying hundreds of homes and businesses, including Thomas Jefferson High School, which had to be rebuilt. The land was sold and the building was recently demolished. Construction is expected to begin in the first part of 2026 and pre-sales are expected to begin in the second or third quarter.

DFW: The owners of the Omni Hotel & Resorts have added another building to their real estate portfolio. Pacific Elm Properties recently sold the 22-story St. Paul Place for an undisclosed sum to an affiliate of TRT Holdings, which owns the Dallas-based luxury resort chain. The 275,000-square-foot office tower was built in the early 1980s at St. Paul near Ross Avenue. The property is currently valued at close to $50 million. The building has gone through several ownership changes and multimillion-dollar renovations, most recently by Pacific Elm, which acquired it from Quadrant Investment Properties of Dallas in 2023 with a $66 million loan from MetLife Commercial Mortgage. The glass building recently underwent flood-damage repairs. 

DFW: An iconic downtown Dallas landmark will be around for a bit longer. The flagship store of the Neiman Marcus brand will stay open beyond this year’s holiday season. Saks Global purchased the Dallas-based luxury retailer for nearly $3 billion late last year. After a soap opera struggle to secure ownership of the entire property, it announced it would close permanently in the spring but pulled back to the end of 2025 after civic and business leaders intervened and the company was able to secure all of the property. Local leaders said the high-end store remains a huge economic draw for downtown. Saks officials have not said what will happen with the store other than to say it will stay open into 2026. 

U.S.: Not everyone will be shopping at Neiman Marcus, but U.S. households are expected to spend a record $1 trillion this holiday season. That’s about a 4% increase from last year. On average, Americans are expected to spend just under $1,000 for gifts and related holiday expenses. But several surveys indicate shoppers will concentrate on home experiences, including cooking and entertaining, rather than on restaurants, entertainment or expensive items due to inflation concerns. Most of the shopping has occurred or will occur online, up more than 6% from last year, compared to about 2% for retail stores. 

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