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New Home Starts Up Nearly 30% From Last Year

DFW: Builders in Dallas-Fort Worth reported a 28.4% increase in home starts in the second quarter, compared to the same period last year. New home closings of 53,164 in the same period were at a record level. And at the end of the second quarter, about 29,300 units were under construction, a 1.4% increase from the first quarter. But, says new home tracker Residential Strategies of Dallas, builders had about 5% fewer starts in the second quarter compared to the first quarter. The new starts of 13,940 homes in Q2 is a contrast from a faster start at the beginning of the year. The second quarter, marked by a spike in interest rates, also saw builders selling off more than 1,000 units already completed before starting new projects.

U.S.When are interest rates coming down? For months and months, the Federal Reserve has said its target is a 2% annual inflation rate, but now it may be changing its tune. Fed Chair Jerome Powell told lawmakers this past week that the Central Bank doesn’t necessarily need to see the rate return to 2%, just that they think it could get to that level, before making some cuts. He said that waiting too long could do the reverse and spark a recession to the still-robust economy. So, when could we see lower rates? The best hope is for the fall—and with just one cut, if at all, not the several that had been predicted at the start of the year.

DFW: Seeing more activity around office buildings in North Texas these days? That may be because Dallas-Fort Worth continues to outpace the rest of the country in the office visits category. Placer.ai puts the latest Dallas-area average office visits at around 24.1% below pre-pandemic levels. The national average is around 29.4%. Over the two years, more and more companies have begun reversing their work-from-home policies to return-to-office mandates. The policies forced many companies to end lease agreements in office spaces their downtown areas and suburbs, with many office buildings converting to residential over the past several years. But it has not stopped developers in key markets, such as DFW, from continuing office building projects where they see a need.

DFW: Dallas city leaders have given the green light to a three-tower development in the busy Knox-Henderson area. The development at Armstrong between McKinney Avenue and North Central Expressway will bring together office, multifamily and senior living spaces, along with retail and restaurants on ground floors and underground parking. The multifamily tower would be on the highway side of the project and extend to close to 400 feet. The office tower will be about 250,000 square feet and the senior housing tower will include over 200 units. Stockdale Investment Group has had the project in the works for several years. Several other mixed-use projects are in progress in the area, including The Knox, a four-acre project at Travis and Knox streets that will include more than 1 million square feet of office, retail, restaurant, residential and hotel space.

LA LA LAND: On the move. It’s official for Bennifer: No, not the re-split but the listing of their Beverly Hills estate after spending some time on the quiet market without a whisper of a prospective buyer. Ben Affleck and Jennifer Lopez have now officially listed the 12-bedroom, 24-bath main home that has a 5,000-square-foot guest house, a separate caretaker house, a two-bedroom guardhouse, a 12-car garage and parking for close to 100 cars. The asking price is $68 million – about $8 million more than they paid just last year. Official word on their split? Stay tuned.

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

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