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THE ALLMANAC

New Report: DFW Home Prices Ended Year Higher

DFW: Home prices in the Dallas area inched up at the close of 2023, reports yet another survey. The S&P CoreLogic Case-Shiller home price index report says that home prices in Dallas were up about 2% at the end of the year, compared to December 2022. That’s the largest annual increase in nearly a year as the area continues to find higher home price increases. Nationwide, the home price increase was about 5.5%. Home prices across the country were at a record high to kick off the new year, with San Diego leading the pack of the 20 largest regions with an 8.8% increase at the end of 2023. North Texas home prices were about 2.1% higher to start 2024, and DFW home sales rose in January about 14% higher than a year earlier, one of the biggest gains in the country. Economists and industry analysts continue to point to North Texas as one of the country’s best real estate markets this year as mortgage rates retreat from a recent high of 8%.

DFW: Who’s making an impact on home purchases across the state? Asians and Latinos, says a new report. The National Association of Realtors says that since 2021 in Texas, homes owned by Asians have increased 66% and 59% by Latinos. Black homeownership grew 41%. Those are below the 69% gain for white homeownership in the state. In Texas, Asians’ home-purchasing power is at the top, with the group able to afford a home of $298,000; whites, $222,000; Latinos, $179,000; and Blacks, just under $167,000. In 2022, the median income for Asian households in the state was about $107,000; whites, $82,000; Latinos, $60,000; and Blacks, $55,000. Lack of access to credit and down payments and lower credit scores, particularly for minorities, among other factors, limits the ability to purchase a home. Nationwide, the gap between white and Black homeownership has widened to 28%.

DFW: It’s painful, but it’s the truth. A new report says that Texas had 463 commercial foreclosure filings from January 2023 to January 2024. California, New York and Texas led the country in commercial property foreclosure filings. Attom Data Solutions says that filings in Texas were at their highest level in the past 10 years that it has been tracking the data. The news is not necessarily new. Numerous apartment and office buildings have faced rough waters, beginning around the time of the pandemic. A battle for tenants and more expensive financing because of higher mortgage rates has prompted many lenders to file foreclosure notices in the past two years, including several in North Texas. Billions of dollars in commercial real estate loans are coming due this year across the country, including in Texas.

DFW: In passing…A Lennar Corp. subsidiary is planning to build 246 single-family homes in a new community in Cedar Hill, south of Dallas. Work on the 69-acre Addison Hill community on South Duncanville Road, about three miles south of Belt Line Road, will begin in April. And a new Dallas rental complex called Modera Trinity will soon be ready for tenants just across the Trinity River south of downtown Dallas. The seven-story, 204-unit community on North Beckley and West Commerce is part of the Mill Creek Residential Trust portfolio. The complex has several thousand square feet of retail space on the ground floor and has access to the Trinity Skyline Trail. The apartments average about 1,000 square feet. The project has been in the works for several years.

NEW ENGLAND: It’s the longest match Ivan Lendl has ever played, in a sense, but it is now over. The eight-time Grand Slam champion finally sold his large estate in Cornwall, Connecticut, but he had to lose a few million to close the deal. And it took nearly 10 years to unload. The property is in picturesque Litchfield County, Connecticut. The custom-built 18,000-square-foot Georgian-Federal mansion has 10 bedrooms and 12.5 baths. Oak floors, wood-paneled rooms, formal living and dining areas are all part of the living ensemble, along with numerous wood-burning fireplaces, eat-in kitchen, plus carefully appointed ensuites, a full-size gym, game room, wine room, and pool and sauna, a guest house, paddocks for horses, and, of course, a tennis court. The mansion overlooks close to 450 acres of rolling hills with mature trees that provide a perfect backdrop when the leaves turn colors in the fall. The estate was once listed at nearly $20 million. Lendl let it go for $12 million. Advantage: the new owner.

COPYRIGHT © 2022. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

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THE ALLMANAC

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