RECON for August 2, 2019RECON for August 2, 2019Bryan PopePope
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RECON Real Estate Center
Apartment condo exterior in Dallas
Apartment renters in Dallas-Fort Worth (and nationwide) are staying put longer than in previous years. Find out why in today's RECON. (Photo from Center files.)
August 2, 2019

Southeast Arlington America's eighth-hottest neighborhood

​​​​WASHINGTON (Realtor.com) – Southeast Arlington is the eighth-hottest neighborhood in the nation, according to Realtor.com.

The median home list price​ in ZIP code 76018 rose 7.5 percent year over year to $215,050. Homes are still more affordable there than in Dallas ($459,000) and Fort Worth ($272,000).

Move-in ready, three-bedroom homes in Arlington are listed starting around $200,000.

"People are looking for more affordable places to live," said Realtor.com Chief Economist Danielle Hale. "Last year we saw people moving to far-out suburbs of major cities. This year, we're seeing people move to smaller metro areas, which are even less expensive. And they still get access to city life—just not in the biggest cities."

Homes spend an average of 20 days on the market.​

Other neighborhoods in the top ten rankings are:
  • No. 1 Grand Rapids, Mich. (ZIP 49505);
  • No. 2 Omaha, Neb. (68144);
  • ​No. 3 Boise, Idaho (83704);
  • No. 4 Shawnee, Kan. (66203);
  • No. 5 Rochester, N.Y. (14609);
  • No. 6 Livonia, Mich. (48154);
  • No. 7 Melrose, Mass. (02176);
  • No. 9 Goffstown, N.H. (03045);​ and 
  • No. 10 Colorado Springs, Colo. (80916).
REC 101: Texas Home Price Index
Being aware of home-price trends in an area is helpful to anyone in real estate. A home price index is a good tool for this. One of the most reliable HPIs is on the Center’s website. Learn how to get the most out of our HPI in less than ten minutes. 

DFW renters leasing apartments longer

​​​DALLAS (Dallas Morning News) – North Texas renters are staying put longer in their apartments as the turnover rate here and nationwide is at its lowest level in decades.

Less than 47 percent of renters move when their leases are up in the Metroplex, according to a new study by RealPage and CBRE.​

Low apartment vacancy rates in many markets and higher rents have made residents more reluctant to move.

"Extremely tight occupancy at middle-market and lower-priced apartments is a big influence on that performance," said Greg Willett, chief economist at Richardson-based RealPage. "Some renters who might want to move now struggle to find vacant units at the price point they can afford in desired neighborhoods.​

While the local apartment turnover rate is lower by traditional standards, North Texas still has one of the higher percentages of renter moves among big city metros, according to data from RealPage and CBRE.​

In DFW, more than 30,000 new apartments are on the way, the most construction of any U.S. metro area.

​Nationwide, about 47.5 percent of apartment renters move when their lease is up.
Bryan Pope, Alden Demoss, and Gerald Klassen at Realtor Expo
Be your local housing market expert. Find out how by visting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Sept. 14 at the Fort Worth Convention Center.

South pending home sales up 1.3 percent in June

​​WASHINGTON (National Association of Realtors) – ​​Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors (NAR).

The Pending Home Sales Index moved up 2.8 percent​ to 108.3 in June, up from 105.4 in May. Year-over-year contract signings jumped 1.6 percent, snapping a 17-month streak of annual decreases.

Pendin​​​​g home sales in the South—the region that includes Texas—increased 1.3 percent to an index of 125.7 in June, which is 1.4 percent higher than last June. ​​

Lawrence Yun, NAR chief economist, said the nationwide increase can be attributed to the current favorable conditions and predicted the rise is likely the start of a positive trend for home sales.

"Job growth is doing well, the stock market is near an all-time high, and home values are consistently increasing. When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases," he said.​​
$100 bill with dice reading
The Federal Reserve announced that it had reduced its benchmark rate for the first time since December 2008. How will this affect the housing market? Center Chief Economist Dr. Jim Gaines shares his insights in our latest Mixed-Use blog post.

310-unit Longview multifamily complex sold

LONGVIEW (REBusiness Online) – Saxony Capital Management has acquired Pine Knoll, a 310-unit multifamily community ​at 2019 Toler Rd.

Built in 1983, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, spa, and onsite laundry facilities.

JLL originated fixed-rate acquisition financing through Freddie Mac.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Cohen-Esrey picks up two DFW multifamily assets

DALLAS-FORT WORTH (REBusiness Online) – Cohen-Esrey Apartment Investors has acquired two apartment communities totaling 630 units.

South Pointe Apartments at 12660 Jupiter Rd. in Dallas has 372 units and amenities such as a pool, fitness center, spa, playground, and racquetball court.

Lofton Place at 1601 Eastchase Pl. ​in Fort Worth totals 258 units and offers amenities such as a pool, fitness center, playground, and tennis court.

Both properties were built in the 1980s and have undergone renovations.
MarketViewer ScreenshotTexas Realtor's MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data is compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

 248-unit Falconhead Apartments trades near Lake Travis 

​​​​​​AUSTIN (REBusiness Online) – SWBC Real Estate has purchased Falconhead Apartments, a 248-unit community near Lake Travis at 3400 Ranch Rd. 620 S. 

Floor plans range from one- to three-bedrooms. Amenities include a pool, fitness center, clubhouse, outdoor pavilion, playground, and a dog park. 

The property was 94 percent occupied at the time of sale. 

Berkadia represented the seller, Connell Real Estate & Development Co.
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130K-sf industrial property sold in Dallas

DALLAS (REBusiness Online) – Chicago-based Brennan Investment Group has sold 8220 Ambassador Row, an industrial property near Love Field Airport and I-35.

The 129,061-sf property was built on 5.9 acres in 1966.

The building serves as the corporate headquarters of Delivery Limited and houses all of its storage, logistics, and administrative functions. 

Cepideh acquires 119K-sf Houston office

​​​​HOUSTON (REBusiness Online) – Cepideh Investments LLC has purchased a 118,905-sf office building at 12700 Northborough Dr.

Newmark Knight Frank represented the seller, Veritex Community Bank, in the transaction. 
Texas Realtors quote about Real Estate Center
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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