D-FW ranks second in the nation in home sales

Plus: VA signals temporary suspension of buyer agent payment ban

May 23, 2024

👋 Hey there. Happy Thursday.

Today's newsletter is 589 words — a 2.5-minute read.

1. East Austin to receive over 1,461 new homes

Fueled by Austin's booming real estate market, homebuilder Taylor Morrison is embarking on a major development in far East Austin. The project spanning 427 acres along Kellam Road will bring 1,461 new homes.

This development, known as Del Valle, is part of the Longview 71 PID, a long-awaited public improvement district. Its prime location, just a 10-minute drive from the Austin-Bergstrom International Airport and Tesla's headquarters adds to its appeal.

With construction underway and approvals secured, Taylor Morrison will soon begin selling the first round of homes. This housing development will be financed by a $10 million bond approved by the Travis County Commissioners Court. LINK

2. New AI tool aims to promote equality in housing

On Tuesday, Zillow announced the release of an open-source AI tool, the Fair Housing Classifier, as part of the company’s efforts to promote responsible and unbiased behavior in real estate conversations.

The tool focuses on mitigating the risk of illegal steering — the practice of influencing a buyer's choice of communities based upon the buyer's legally protected characteristics under federal law. LINK

"We've made it our business to increase transparency in real estate — open sourcing this classifier demonstrates that advancements in technology do not need to come at the expense of equity and fairness for consumers.”

Josh Weisberg, Zillow VP of Artificial Intelligence

3. Catch up quick

📊 What’s driving the Houston market? (JLL)

📉 First-time homebuyers aren't buying until mortgage rates drop. (USA Today)

😔 Dallas housing nonprofit CitySquare to close this year. (Axios)

4. Dallas, Austin, and San Antonio are among the top cities for pet-friendly rentals

Zillow Rentals has teamed up with BARK, creators of BarkBox, to dig up the top dog-obsessed cities. 59% of renters reported they have at least one pet, with 40% having a dog in 2023.

Nationwide, 55% of rental listings on Zillow are advertised as pet-friendly. Three Texas cities lead the pack for their exceptional love and accommodations for canines: Dallas, Austin, and San Antonio. LINK

Data: Zillow/BARK

5. VA signals temporary suspension of buyer agent payment ban

The Department of Veterans Affairs (VA) will issue a circular by June 12 to address an agency law that prohibits VA buyers from paying real estate agent compensation, announced VA Deputy Director Michelle Corridon at a MBA conference.

The circular will coincide with a formal rulemaking process. Current VA policy bars veterans using VA loans from being charged brokerage fees, conflicting with the NAR settlement that requires buyers to pay their agents.

Both the MBA and NAR have pushed for this change to ensure veterans can access professional representation in a competitive market. LINK

6. D-FW ranks second in the nation in home sales

Dallas-Fort Worth ranked second in the nation for homes sold and active home listings last month, trailing only New York as the spring selling season heats up.

Nearly 8,500 transactions were closed in April, up from 7,865 the previous year. There were more than 13,000 active listings, an almost 31% year-over-year jump, according to data from real estate company RE/MAX.

The report also found that active housing inventory is up 49.4% year-over-year. Home prices are up 1.5% annually. The median home price in D-FW was $405,000. LINK

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