Houston home sales rebound in April, inventory hits pre-pandemic levels, Luxury sales up 34%

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1. Houston home sales rebound in April, inventory hits pre-pandemic levels

Pre-pandemic inventory levels and a significant turnaround in April sales are revitalizing the Greater Houston residential market.

February showed promise, but March saw a $200 million drop in total dollar volume year-over-year and a 7.5 percent decrease in home sales. However, April marked a strong recovery, according to the Houston Association of Realtors.

• Single-family home sales rose by nearly 10 percent year-over-year to 7,930, with pending sales also up 10 percent.

• Inventory levels have reached pre-pandemic levels, with a 3.7-month supply, the highest since October 2019.

• The luxury home market saw the most significant rebound, with a 34 percent increase in sales.

HAR Chair Thomas Mouton noted that buyers are adapting to elevated interest rates, and sellers are finding opportunities with rising inventory levels.

2. Industry giants dominate Dallas homebuilding, squeezing out smaller players

Industry giants in North Texas are pushing out smaller home builders, potentially reshaping residential development for years.

Amid a tight lending environment that has left private developers sidelined, publicly traded builders are aggressively acquiring thousands of acres for master-planned communities, squeezing out smaller players, Bisnow reported.

“I see a lot of smaller developers going away because it’s hard,” said Mehrdad Moayedi, CEO of Centurion American Development Group. “You have to buy a big piece of land to compete with the builders, and the builders have a lot more money (cash reserves and access to cheaper debt) than the developers do.”

3. Catch up quick

👀 Realtor.com CEO Damian Eales: CoStar is lying about being the No. 2 portal. (YahooFinance)

🌊 Experts say flood insurance is a 'necessity' as hurricane season approaches. (abc13)

🥪 Buc-ee's eyes Kansas City for expansion into yet another state. (C-StoreDive)

📺 A new documentary ‘Beyond the Bridge’ shines a spotlight on Houston's housing-first strategy to reduce homelessness. (NYTimes)

4. Karlin revives stalled Austin mixed-use project

Karlin Real Estate's Verde Square project near Austin FC's stadium is back on track, now with an expanded scope.

In partnership with Ironwood Real Estate, the 6-acre development now includes 369 apartments, 450,000 square feet of office space, 35,000 square feet of retail, and a 190-room hotel, along with a 1-acre outdoor plaza.

Delayed by economic challenges, the project aims to capitalize on the area’s growth and proximity to major transit and employment hubs. Other nearby projects include developments by Kilroy Realty, Trammell Crow Company, and Hines.

5. Credit Union of Texas buys its Allen headquarters

The Credit Union of Texas has further entrenched itself in Collin County’s financial landscape after buying its headquarters building in Allen.

The credit union acquired the 120,000-square-foot One Bethany East, in One Bethany at Watters Creek, from a joint venture of Dallas-based Pillar Commercial and Oklahoma City-based Hall Capital, the Dallas Business Journal reported. Terms of the deal were not disclosed.

1 other thing: Houston leads the country in road rage. (Axios)

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