Qualico to bring 875 homes to quiet Austin suburb

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Today's newsletter is 477 words — a 2-minute read.

1. Houston led nation in residential building permits last year

The Houston area led the nation in residential building permits last year, as revealed by U.S. Census data analyzed by Rice University’s Kinder Institute for Urban Research.

In 2023, the Houston metropolitan statistical area issued a total of 68,755 permits. Of those, 50,444 were for single-family homes.

The numbers mark a decrease from 2022’s record-breaking figure, but still represent the fifth-highest permitting year since 1988, when the Federal Reserve began tracking such data.

Below are the top 5 metro areas for housing permits, 2019-2023.

2. Qualico to bring 875 homes to quiet Austin suburb

Qualico Communities is set to transform farmland in northeast Austin's Elgin suburb into Triada, a 271-acre residential development. Starting construction this fall, the project will feature 875 single-family homes and a 15-acre sports complex.

Development will occur in six phases, with completion expected by 2031. The homes will vary in size and cater to various life stages. Triada will also include a fitness center, pool, pickleball courts, ample open space, and trails.

Elgin, which has been experiencing steady growth, could see a development boom, with significant increases in home construction noted over recent years.

3. Catch up quick

🧐 North Texas real estate agents face a future with new questions. (Dallas Observer)

⛳️ Former Fort Worth zoning chair buys foreclosed country club for $8.5M. (WFAA)

🚤 Texas home floating over a pond Is selling for $5.75 Million. (Mansion Global)

4. New north Katy development to bring 2,400 homes

The Grange community in north Katy, spanning 1,130 acres, plans to build about 2,400 new homes priced between $400,000 and $600,000.

Located at Morton Road and FM 2855, the development will feature homes on lots ranging from 45 to 60 feet wide. The initial phase will include 301 homesites and amenities such as lakes, green spaces, and a recreational center.

Six developers, including David Weekley Homes and Perry Homes, will offer a variety of floor plans spanning from 1,600 to 4,300 square feet.

5. Mortgage rates back under 7% after inflation data

Yesterday, the Bureau of Labor Statistics announced a slight drop in the inflation rate for April. Down to 3.4% from March's 3.5%, the drop was minimal but still welcome after inflation rose in the two months prior.

This perceived cooling in inflationary pressures led to a decrease in mortgage rates, with lenders reducing the average rate for a top-tier 30-year fixed mortgage from 7.11% to 6.99%. This adjustment offers a slight relief for prospective homebuyers navigating the current economic landscape.

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