Wednesday, May 31, 2017

Eleventh District Beige Book 5/31/17 via Dallas Fed

The Eleventh District economy continued to expand at a moderate pace over the past six weeks. Manufacturing output rose, and activity in nonfinancial services increased. Retail sales strengthened slightly, despite some reports of softening in auto sales. Housing demand grew, lending activity increased, and the energy sector saw further improvement. Production prospects for crops were mostly favorable. Employment and wages rose, as did prices. Outlooks generally improved, although a few firms noted they were in wait-and-see mode due to uncertainty surrounding U.S. trade policies.

Read more...Eleventh District Beige Book - Dallasfed.org

Houston Economic Indicators May 30, 2017 via Dallas Fed

Data were positive for Houston in April. The business-cycle index continues to signal a modest expansion is underway. Labor market data were healthy, and several leading indicators suggest that employment growth is likely to accelerate. However, recent revisions to data from the end of 2016 suggest that job growth was overestimated at that time. Overall, the outlook for Houston remains cautiously optimistic.

Friday, May 26, 2017

ALN Monthly Newsletter May 2017 via ALN Apartment Data

ALN Data just released their April 2017 stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data.

Read more...ALN Monthly Newsletter May 2017 via ALN Apartment Data

Thursday, May 25, 2017

The 15 Top Markets for Apartment Construction in 2017 via National Real Estate Investor

Developers will bring 371,000 units to the multifamily market in 2017, according to data from commercial real estate services firm Marcus & Millichap’s 2017 National Multifamily Investment Outlook. If that figure hits, it means apartment construction this year will reach a record high – its highest level in 30 years. The firm predicts that national apartment vacancy will reach 4.0 percent at the end of 2017, based on the expectation that unemployment should hold at 5.0 percent and hiring will remain “sound,” prompting the millennial generation to bolster new household formation.

Read more...The 15 Top Markets for Apartment Construction in 2017

Tuesday, May 23, 2017

Texas Economic Indicators May 2017 via Dallas Fed

The Texas economy expanded at a moderate pace in April. While employment growth accelerated, it was mixed across major Texas metros. Exports expanded in the first quarter. The rig count rose further in April, while the Texas Leading Index dipped.

Texas employment expanded an annualized 2.1 percent in April, and year to date it has grown 2.5 percent.

Thursday, May 18, 2017

Real estate CEO: Record low housing inventory is 'freaking us out' via CNBC

The number of homes for sale in America has been falling steadily for the past year, but the situation is apparently getting much worse as spring demand heats up.

"The inventory is reaching historic lows. It's never declined faster than it did last month. It's freaking us out — it's affecting our business; it's limiting our sales," said Glenn Kelman, CEO of Seattle-based Redfin, a real estate firm. "We're going to be fine in terms of market share, but I think the overall industry for the first time is seeing sales volume really limited by the inventory crunch."

Read more...Real estate CEO: Record low housing inventory is 'freaking us out'

Wednesday, May 17, 2017

Ouch! D-FW apartment rents set record in April via Dallas News

Dallas-area apartment renters had to dig a little deeper in April to keep a roof over their heads.

The average rent for a Dallas-area apartment hit a new high of $1,141 a month, according to analysts at consulting firm Axiometrics.

That represents about a 3 percent rise in average rents from April 2016. It means renters are paying about $32 a month more than a year ago.

Read more...Ouch! D-FW apartment rents set record in April | Real Estate | Dallas News

Tuesday, May 9, 2017

Texas Economy Expanding at a Moderate Pace via Dallas Fed

Recent data signal moderate growth in Texas economic activity. While payroll employment growth in the first quarter decelerated slightly from the third and fourth quarters, Texas continued to exceed the U.S. rate. The state unemployment rate edged up to 5 percent in March but remained below its natural rate. Texas Business Outlook Survey (TBOS) headline indexes in April pointed to somewhat slower growth in manufacturing and services but a pickup in retail.

Read more...Texas Economy Expanding at a Moderate Pace - Dallasfed.org

Zumper 2017 rent report for Texas cities via Real Estate Center

May's 2017 edition of Zumper's National Rent Report brought another month of mixed changes.

Overall, the Zumper National Rent Index showed that one bedroom median rent increased slightly by half a percentage point to $1,169 and two-bedroom median rent increased 1 percent to $1,390.

Read more...NewsTalk Texas - Real Estate Center

Friday, May 5, 2017

Austin Economic Indicators May 2017 via Dallas Fed

The Austin economy continued to expand in March. Growth in the Austin Business-Cycle Index held steady at slightly below its long-term average. Jobs grew at an accelerated rate, while the unemployment rate was stable at a low level compared with other large Texas metros. Average wages have grown at a rapid pace, and residential real estate markets, though softening somewhat in recent months, remain tight.

Yardi: Rent Growth Drops to 2.0% YOY in April via Multifamily Executive Magazine

The average U.S. multifamily rent rose by $3 in April, reaching $1,314, according to Yardi Matrix’s monthly survey of apartment markets. At the same time, the national rent-growth rate has slowed to below long-term growth trends. Rents rose by 2.0% in April on a year-over-year (YOY) basis, down 50 basis points (bps) from March. This represents a significant drop from the 5.5% rent growth seen a year ago.

Read more...Yardi: Rent Growth Drops to 2.0% YOY in April | Multifamily Executive Magazine

Thursday, May 4, 2017

Houston Economic Indicators May 1 2017 via Dallas Fed

Economic data were mostly positive for Houston in the first quarter of 2017. Labor market data were strong, international trade flows through the port expanded, the housing market firmed and the business-cycle index indicated a modest expansion. However, the office market is still softening, and job ads continue to send a contrary signal. Taken together, the data suggest a cautiously optimistic outlook for Houston.

Wednesday, May 3, 2017

Dallas-Fort Worth Shows America's Evolving Multi-Family Housing Market via Forbes

This March, I wrote here about the three major U.S. metros that have stood above the rest for housing permits: Houston, Dallas and New York City. Between 2010 and 2016, each of these three metros have approved 273,000 units or greater, while Los Angeles was a distant 4th at 160,000. Perhaps more notably is that many of their units have been multi-family apartments. While that isn't surprising for New York City, it may defy stereotypes about the underlying built pattern of the two great Texas metros. And while Houston has suffered a recent slowdown in multi-family construction, Dallas-Fort Worth (D-FW) continues to be an instructive case study in the market evolution of this built form.

Read more...Dallas-Fort Worth Shows America's Evolving Multi-Family Housing Market

Dallas Job Stats Point to Continued Growth via Multi-Housing News Online

Job growth continues to be led by metros in the South and West, according to March data from the Bureau of Labor Statistics, with Dallas as a prime example of the trend.

Of the top 20 fastest-growing metros in job growth in the 12 months ending in March, six were in Florida and three each were in Utah and Texas. The top Midwestern metro was Grand Rapids, Mich. (ranking 22nd at 2.9 percent), while the top Northeastern metro was Philadelphia (49th at 2 percent). The U.S. added 2.2 million jobs in the 12-month period ending in March, a growth rate of 1.5 percent.

Read more...Dallas Job Stats Point to Continued Growth

Here’s the first sign that America may be pivoting from renting back to owning homes via MarketWatch

The homeownership rate has been on the decline ever since the peak of the housing bubble a decade ago.

Now it’s making a comeback, of sorts.

Overall American homeownership stood at 63.6% in the first quarter, the Census Department said Thursday. That’s down a tick from 63.7% in the fourth quarter, but up from a year ago, which is economists’ preferred way to gauge the data.

Read more...Here’s the first sign that America may be pivoting from renting back to owning homes - MarketWatch