$136M housing project coming to Brooks

Plus: 4.8% rise in pending home sales

August 01, 2024

👋 Welcome to Thursday — and hello, August!

Today's newsletter is 591 words — a 2.5-minute read.

1. Pending home sales rose 4.8% in June

On Wednesday, the National Association of Realtors® (NAR) released its Pending Homes Sales Index (PHSI) for June.

From the Index, based on signed real estate contracts for existing single-family homes, condominiums, and co-ops:

  • Pending home sales increased 4.8% month-over-month.

  • Month over month, contract signings increased in all four U.S. regions.

  • Year over year, pending home sales declined in the Northeast, Midwest, and South, but improved in the West.

The rise in housing inventory is beginning to lead to more contract signings. Multiple offers are less intense, and buyers are in a more favorable position.

NAR Chief Economist, Lawrence Yun

2. Insurance rates could climb for some Texas coastal homeowners and businesses

The Texas Windstorm Insurance Association (TWIA), the state’s insurer of last resort for homes and businesses on the Gulf Coast, will consider raising rates as climate change damages become more severe and costly.

The association's board of directors is expected to vote on a 10% rate increase for residential and business policyholders at their Aug. 6 meeting.

Homeowners typically pay $2,300 a year for a TWIA policy. The proposed rate increase would bump their annual insurance premium by $230.

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3. Catch up quick

🚕 Fun read: North Texas driver and passenger reconnect after 24 years. (NBC5)

🏙️ Kyle Texas to revamp its downtown. (MySA)

🏇 Texas ranch in 'Cutting Horse Capital of the World' lists for $11.6 million. (Chron)

1️⃣ Texas markets lead the nation in new home construction. (Zonda)

💰 Homes have become so difficult to afford in D-FW. (DallasNews)

🏘️ Construction is underway for $136M in housing projects at Brooks. (BizJournals)

4. Short-term rentals reach 'a turning point' after 2023 decline

AirDNA LLC, a short-term rental analytics platform reports there were about 1.56 million listings nationally in 2023. This year is estimated to have about 1.65 million listings, a more modest 5.8% annual gain in supply.

U.S. Short-Term rental industry outlook as measured by the AirDNA Repeat Rent Index

5. NAR releases new consumer-focused resources ahead of settlement agreement changes

On Wednesday, the NAR published new resources to help guide consumers on the impact of the March 15th settlement agreement and support both Realtors and consumers as they navigate the changes required by the agreement.

The new resources include:

  • Fact sheets on what the practice changes mean for home buyers and sellers.

  • A broker’s guide to upcoming practice changes.

  • A template compensation disclosure for active listing or buyer agreements as of Aug. 17.

6. Dallas developer Wilbow Corp breaks ground on 72-acre North Katy community

Dallas-based Wilbow Corp. has broken ground on Bergamo, a 72-acre community with 260 homes north of Katy which will open next summer.

The project will be near the northeast corner of Stockdick School Rd. and Porter Rd. It will be built in two phases of about 130 homes each, with homes starting in the mid-$300,000.

Katy is a city west of Houston which was ranked as the nation’s top market for new housing according to the U.S. Census Bureau.

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