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- Existing home sales fall to a 30-year low in 2024
Existing home sales fall to a 30-year low in 2024
Plus: Dallas-Fort Worth now has the highest rents in Texas
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1. Dallas-Fort Worth now has the highest rents in Texas
Austin had long held the title of the city with the most expensive rent prices. However, late last year, prices in the Dallas-Fort Worth area surpassed those in Austin for the first time since 2015 according to new data from Zillow and other real estate companies.
Monthly average rent prices for apartments in each metro.
Source: Zillow
2. Texas property tax payment deadline is Friday
The deadline to pay property taxes in Texas, thus avoiding additional property tax penalties and interest, is Friday, Jan. 31.
According to Chief Appraiser Tim Radloff, payments are considered on time if postmarked by midnight on January 31.
Payments can also be made online. However, there is a flat fee of $1.50 for electronic checks, and credit card payments incur an additional fee of slightly over 2% of the payment amount.
Median property taxes in Texas rose 26% between 2019 and 2023, even as the state and local governments took steps to reduce the impact. As per SmartAsset, the national average effective property tax rate is 0.9% with the Texas rate at 1.63%.
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We all know what a 1031 Exchange is? But what is a 1033 Exchange? Tune in for my breakdown.
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3. Catch up quick
⏰ What to know about the Texas property tax payment deadline. (Axios)
⚖️ Judge dismisses sexual assault case against Alexander brothers. (LegalReader)
📈 Cities with the fastest-growing home prices in Texas. (Stacker)
✈️ Airbnb names Houston to its list of 25 places to visit in 2025. (Airbnb)
👩💼 Gen X and affluent women are changing the rules of luxury real estate. (BAM)
❌ TCPA modifications on one-to-one consent rule struck down by appeals court. (NLR)
🍯 Fun read: Whataburger will give away free honey butter chicken biscuits 6-11am today in honor of their new brand ambassador, Lainey Wilson. (Instagram)
4. Existing home sales fall to a 30-year low in 2024
Existing home sales in 2024 were the lowest in nearly 30 years, as elevated mortgage rates, rising home prices and few properties on the market freeze prospective homebuyers out of the market.
The NAR said Friday that existing home sales totaled 4.06 million last year, a 0.7% decline from 2023. That is the weakest year for home sales since 1995. The median national home price for all of last year rose 4.7% to an all-time high $407,500.
“How is it possible that home sales can be this low, considering that the U.S. population has increased by more than 70 million over this time period from 1995 to today?” asked Lawrence Yun, the NAR’s chief economist. “One can partly answer that question because of the affordability issue. Record-high home prices, mortgage rates having risen, but also lack of inventory.”
5. 12 Houston-area master-planned communities rank among the best-selling neighborhoods
Houston remains one of the strongest markets for master-planned communities, according to a report by RCLCO, a real estate research firm.
The report ranked the top 50 master-planned communities in 2024 by new home sales, with 12 of the nation’s top 50 selling communities located in the Houston area, contributing over 7,500 sales.
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6. Listing photos at the center of lawsuit naming Compass, Side
Architectural photographer Alexander Stross has filed copyright infringement lawsuits against Compass, Side, and associated brokers for allegedly using his copyrighted real estate photos without permission.
Stross claims the defendants accessed and copied his eight registered photographs, using them in marketing materials without authorization.
The suits, filed in Austin's U.S. District Court, seek damages, disgorgement of profits, and attorney fees. Stross also requests a jury trial to determine compensation.
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