RECON for November 8, 2022RECON for November 8, 20222022-11-08T06:00:00Z2022-11-08T06:00:00Z
RECON Texas Real Estate Research Center
Top view residential houses with swimming pool and colorful fall foliage suburban Dallas, Texas, USA. Straight down look as satellite style.
TEXAS' HOUSING MARKET COOLED in third quarter 2022, according to Texas Realtors' quarterly housing report. Fewer than 98,000 homes were sold last quarter, down nearly 15 percent from last year. Keep reading for details on this story and more. (Photo from Center files.)
November 8, 2022

Texas housing market cools in third quarter

​​​AUSTIN (Texas Realtors) – Housing activity slowed across Texas last quarter, according to the Texas Quarterly Housing Report ​released by Texas Realtors. 

In the third quarter, 97,711 homes sold across Texas, down 10 percent from 2Q2022 and 14.8 percent from 3Q2021. Active listings were up 61.4 percent over the year to 90,​198.

While the $345,000 median sales price was 3.6 percent lower than it was in the second quarter, it is still 11.3 percent higher than 3Q2021. 

"We had two years of an unprecedented housing market," said Russell Berry, chairman of Texas Realtors. "The number of homes being sold now is closer to sales numbers prior to the pandemic. While higher interest rates present a challenge for buyers, the good news is that buyers have more homes to choose from and are less likely to find themselves in a bidding war. Sellers may have to wait longer to get an offer, but home prices in many markets are still close to the all-time highs recorded earlier this year."

​Months of housing inventory increased from 2.1 months in 2Q2022 to 2.7 months in 3Q2022. This is a marked improvement from 3Q2021, which only had 1.6 months of inventory. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

The typical home was on the market for 70 days, four more than 3Q2021. Homes were on the market for 31 days and took 39 days to close. 
beach in texasShoreline property boundaries are determined by the law of the granting sovereign at the time of the original grant. For common law grants, the boundary is the mean high tide; for civil law grants, the line is the mean higher high tide. For some properties, the public may have the right to access even privately owned dry beach, but Texas does not recognize an easement that rolls with the shoreline. Read more in "Tidal Highs & Laws: Coastal Property Rights."

Richardson, Dallas multifamily property portfolio sold

​​DALLAS (Institutional Property Advisors) – The LH3 Portfolio, a three-property multifamily portfolio totaling 966 units, has been sold.

The properties are:
  • Belterra, a 314-unit asset at 13015 Audelia Rd. in Richardson with an average unit size of 584 sf;
  • ​Estancia, a 220-unit asset at 13030 Audelia Rd. in Richardson with an average unit size of 934 sf; and
  • Solaris, a 432-unit asset at 11515 Leisure Dr. in Dallas' Lake Highlands neighborhood with an average unit size of 762 sf.
The Richardson properties were built adjacent to each other in 1981 and 1984. Solaris was delivered in 1983.

Combined amenities include two pools, four on-site laundry facilities, reserved covered parking, two outdoor kitchens, a business center, resident lounge, and community garden.

Institutional Property Advisors​ represented the seller, The ValCap Group, and procured the buyer, Tides Equities.
Sketchy drawing of commercial buildingsThe Texas Real Estate Research Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

DZMI picks up World Houston Place

​​​​​​HOUSTON (Connect CRE) – David Z. Mafrige Interests has acquired World Houston Place at 15710 John F. Kennedy Blvd.

The eight-story, Class A office building has a parking garage and courtyard.​

Lease availability ranges from 1,488 ​sf to 122,286 sf.

The buyer plans to upgrade common areas and add a fitness center and tenant lounge. The lobby was recently renovated.

​Stream Realty Partners will market the property for lease. 
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

JV tops out on 422K-sf Plano office building

​PLANO (REBusiness Online) – Granite Properties and Highwoods have topped out on Granite Park Six, a 422,1​09-sf office building within the Granite Park development.

The 19-story tower is within the 90-acre Granite Park development.

Amenities will include a fitness center, tenant lounge, golf simulator, café, lecture hall, dispatch elevators, touchless entry points, restroom fixtures, and advanced HVAC systems.

​Construction began in December 2021. Completion is slated for third quarter 2023.
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Work begins on the Square at Lohmans

​​​AUSTIN (REDNews) – Legend Communities has broken ground on the first phase of The Square at Lohmans, a mixed-use development at 1931 Lohmans Crossing.

The project will ha​ve residential office, retail, restaurant, and hotel space. 

Residential offerings will include 150 homes of various offerings and 210 age-restricted multifamily units.

Construction will take five years.

Brigance & Doering Inc. is the civil engineer. ​
Communication Matters video seriesThe Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

938K-sf shopping center swaps hands

AUSTIN (JLL) – Big V Property Group has acquired Southpark Meadows I & II, a 938,103-sf shopping center at 9600 S. I-35.

The center was 95 percent leased at the time of sale.

Tenants include Target, HomeGoods, Marshalls, Ross, Hobby Lobby, Burlington, Dave and Busters, Pluckers, Five Below, and Rooms to Go.

JLL Capital Markets brokered the deal.

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Casey reveals plans for Tacara at Steubing Heights

SAN ANTONIO (San Antonio Business Journal) – Casey Development is developing Tacara at Steubing Heights, a 293-unit multifamily complex at 12807 JV Bacon Pkwy. 

Designed by Humphreys & Partners Architects, the project will have studio and one- and two-bedroom units averaging 764 sf.

Construction begins in February 2023 and will wrap up in April 2025.
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