Single-family home construction is up across the nation, according to the NAHB

Plus: Condo inventory soars in Texas

September 05, 2024

🌅 Good morning. Welcome back this Thursday!

Today's newsletter is 567 words — a 2.5-minute read.

1. Condo inventory soars in Texas amid high HOA, insurance costs

Condo inventory is soaring in major Texas metros like Austin and San Antonio, causing a price decline according to a report by Redfin.

  • Surging HOA (Homeowner Association) fees, high insurance costs, and destructive natural disasters are making buyers question the feasibility of owning a condo.

In Houston for instance, condo inventory is up 35.9%, pending sales are down 35.3% and prices are down 6.5%.

2. City of Mesquite files lawsuit against Tradewind Apartments over conditions

The City of Mesquite has filed a lawsuit against the operators of Tradewind Apartments, located at 2136 Tradewind Dr.

According to the City, the ongoing lack of basic amenities such as hot water throughout the year has been a persistent problem, prompting the City to escalate matters legally.

The lawsuit represents a broader initiative by the City to advocate for decent living conditions for its inhabitants.

3. Catch up quick

🏭 Transcend Group plans a 50-acre industrial park near Samsung in Taylor. (MySA)

🏘️ Harris County plans a 500-unit affordable housing project in the Hardy Yards area, Houston. (ConnectCRE)

🛞 Continental Tire, one of the world’s largest tire makers, is rolling out a $69M 752,000-sf building, and offices in Fort Worth. (WorldTodayNews)

💐 Houston commercial real estate icon Howard Rambin dies at 79. (RNR)

💸 Mortgage rates will probably continue falling in 2025, but home prices are likely to rise. (BusinessInsider)

🎢 Fun read: North Texas dad spends summer with kids building front yard rollercoaster. (VIDEO)

4. Single-family home construction is up across the nation, according to the NAHB

The National Association of Home Builders (NAHB) reported growth in single-family permits in all seven regions analyzed in its Home Building Geography Index (HBGI). The growth was attributed to low inventory and pent-up demand.

As multifamily construction permit activity slowed in Q2 2024, single-family permits grew 17.6% in large metro core counties, 17% in suburban counties in large metros, 16.7% in core counties of small metros, and 3.4% in micro counties, according to the report.

5. East Austin eyed for new apartments by OHT Partners and 512 Asset Management

OHT Partners and 512 Asset Management are moving forward with two housing projects, a larger 360-unit development called 7th & Pleasant Valley and a smaller, 44-unit complex called 1307 & 1309 East 4th Street, in East Austin.

OHT Partners is building the larger of the two developments while the second development is being built by JLCC Interests, a company linked to the private wealth management firm 512 Asset Management. LINK

6. Texas would need about $81.5 billion a year to end property taxes

Figures presented to the Texas Senate Finance Committee by the Legislative Budget Board yesterday showed that the state would have to spend $81.5 billion to eliminate all local property taxes. That’s more than half of the $144 billion that lawmakers allocated for Texas’ current two-year budget.

Spending that much money on tax cuts would significantly hamper the state’s ability to pay for other costs and would likely require a significant sales tax hike.

Lawmakers said on Wednesday

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