Texas cities lead the nation in real estate development

Plus: eXp agrees to pay $34M to settle antitrust commission lawsuits

October 08, 2024

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Today's newsletter is 585 words — a 2.5-minute read.

1. Listings on the rise

According to Realtor.com's September housing report, more sellers are putting their homes on the market as mortgage rates fall significantly for the first time in two years.

Home sellers increased their listing activity in September, with 11.6% more homes newly listed compared to last year, reaching a three-year high following falling mortgage rates and the Fed’s 50-basis-point rate cut.

“We expect mortgage rates to hold around 6% through the end of the year, which is a significant difference from their 7.8% high in October 2023. This has increased the buying power of many home shoppers and is a bonus over and above the seasonal factors that make this time of year the Best Time to Buy.”

Daniell Hale, Realtor.com chief economist

2. Texas cities lead the nation in real estate development

According to a study by StorageCafe, Texas has undergone a dramatic transformation since the 1980s, turning cities like Houston, San Antonio, Austin, Dallas, and Fort Worth into economic powerhouses.

The technology boom, particularly in Austin, is drawing new talent to the city, fostering robust real estate market growth. Similarly, Houston’s energy sector, Dallas’s financial hub, and San Antonio’s military and healthcare industries have driven extensive commercial and residential development.

Houston ranks at the top among the 50 largest U.S. cities for real estate development

Source: StorageCafe analysis of data from the U.S. Census, Yardi Matrix and CommercialEdge

A MESSAGE FROM DAVE YOUR MORTGAGE GUY

We have all seen the reports on how much homeowners have gotten in equity in the last few years. It’s crazy! In this video, I go over every single way I could think of for using that equity.

3. Catch up quick

🧑‍⚖️ eXp has agreed to pay $34 million to settle antitrust commission lawsuits. (Investing)

🏠 A home designed by John Staub, the architect Texas Monthly once named 'The Man Who Built River Oaks,' is on the market in Houston for $18.9 million. (CHRON)

🏢 Google has leased a 1.1-million-square-foot building in Fort Worth. (WFAA)

🏘️ JCPenney's former corporate campus is set to be transformed into a mixed-use development. (DallasNews)

🚂 Fun read: Big Boy, the world's largest steam locomotive, is touring Texas. (UP)

4. Home purchase sentiment has hit its highest level in two years

Consumer confidence in purchasing a home increased in September to its highest level in over two years, driven by expectations of lower mortgage rates, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI).

The index reached a reading of 73.9 in September, an increase of 1.8 points from August and 9.4 points from the same time in 2023, according to data published on Monday.

5. A 600-home community designed by Tiger Woods is planned in Aledo, near Fort Worth

Golf legend Tiger Woods is partnering with a Dallas-based couple to develop a luxury golf community in Aledo, located southwest of Fort Worth.

The new 914-acre gated community, named BlueJack Ranch, will feature 600 homes, a clubhouse, and an 18-hole golf course.

BlueJack Ranch will offer homes ranging from 1,140-square-foot two-bedroom units to 3,350-square-foot four-bedroom units, priced between $1.5 million and $4.5 million.

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