The Texas housing market showed quarterly gains in inventory for the first time in three years in the second quarter, despite a statewide shortage of homes for sale, according to the quarterly housing report of the Texas Association of Realtors.
Home sales kept pace with last year’s strong levels, and home prices continued to increase as a result of the demand, the report said. The low inventory, however, has prevented the state from attaining double-digit increases in home sales that took place in 2013, the report said.
Inventory has increased slightly, reaching a statewide supply of 3.6 months in the second quarter, compared with the all-time low of 3.4 months’ supply in the first quarter. Year-over-year in the second quarter, inventory decreased 12 percent, the report said.
“The development of new homes and vacant lots is on the rise throughout Texas, and as a result we’re seeing much-needed gains in inventory,” said Jim Gaines, economist with the Real Estate Center at Texas A&M University, in a release. “That said, Texas is still facing an inventory shortage. A steady, ongoing supply of new housing stock, particularly in the first-time and move-up buyer market, where a majority of home sales volume occurs, will be crucial to Texas housing market growth in the second half of 2014 and in the future.”
Statewide, 81,272 homes were sold in the three months ending June 30, a 1.1 percent increase from a year ago. The median sale price was $187,300, up 5.8 percent.
In Arlington, 1,486 homes were sold from April to June, a 3.6 percent increase. But Arlington has just a two-month supply of homes, down 16.6 percent from a year ago, the report said. The median sale price was $158,700, up nearly 7.6 percent.
In Fort Worth, 3,360 homes were sold in the quarter, a 9 percent increase. Fort Worth has a 2.8-month supply of homes, down 20 percent from a year ago. The median sale price was $145,900.
And in Northeast Tarrant County, 2,822 homes were sold, a 3 percent decrease from last year. The Northeast Tarrant area has a 1.9-month supply of homes, a 20.8 percent drop. The median sale price in the quarter was $209,500, the report said.
Fort Worth-Arlington home prices rise in June
Fort Worth-Arlington home prices rose 8.5 percent in June from a year ago, according to the latest monthly report from CoreLogic.
The prices increased 0.9 percent in June from May.
CoreLogic, a leading provider of property information and analytics, said home prices nationwide increased 7.5 percent in June, representing 28 months of consecutive year-over-year increases.
Home prices nationwide rose 1 percent in June from May. CoreLogic said it expects home prices to rise 0.7 percent from June to July and 5.7 percent from June to June of next year.
“Home prices are continuing to rise fueled by ongoing tight supply, low rates and aggressive investor buying on the East and West Coasts,” said Anand Nallathambi, CoreLogic president and CEO. “The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future.”
Chicago firm buys Grand Prairie property
Brennan Investment Group in Chicago, a private real estate investment firm, recently bought the Woodlands Business Park, a three-building complex off of 108th Street in Grand Prairie.
The buildings are leased to 12 tenants. The purchase was a joint venture with Origin Capital Fund II in Chicago.
“The markets within the Texas triangle — Houston, Austin, San Antonio and Dallas — remain a strategic focus of our future investment activities,” said Michael Brennan, the firm’s chairman and co-founder. “The vitality of these business communities, coupled with strong demographic trends, provides steady and predictable demand for industrial space in these markets.”
Brennan Investment Group has acquired 23 buildings and started development on five Texas projects in two years.
Steve Rowland of Transwestern assisted in the transaction.
307 E. Renfro St., Burleson
Rio Mambo Tex Mex Y Mas has leased 6,000 square feet in Old Town Station. Trent Gilley of Woodcrest Capital represented the tenant. Jordan Cluff of Woodcrest represented the landlord, Robert Dow.
9613-9617 Santa Paula Drive, Fort Worth
Guy Wood, owner of Westside Pool Service, has bought the 14,000-square-foot building where it had been a tenant for many years. Nathan Vasseur of Coldwell Banker Commercial Searcy Vasseur Group represented the buyer. Chris Stewart of Coldwell Banker represented the seller, Young Interests.
1517 W. North Carrier Parkway, Grand Prairie
Netvious Networks has leased 4,162 square feet of industrial space in Carrier Place from Americo Carrier L.P. Will Dillard and Michael Spain of Bradford Commercial Real Estate Services represented the landlord.
4216 Hahn Blvd., Haltom City
J Mauldin Enterprises LLC bought a 24,000-square-foot building. Todd Hubbard of NAI Robert Lynn represented the seller. Jerry Barton represented the buyer.