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David Eudy

Date Archives: January 2019

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January
23

Dallas Net Gained 127,000 Jobs in 2018

DFW Area Unemployment Rate Now 3.3%, Population 7.7 Million

Dallas Net Gained 127,000 Jobs in 2018

The Texas economy saw another month of low unemployment in December, a historic 43-year low that has continued since October, according to the Texas Workforce Commission. The DFW area unemployment rate dropped to 3.3%, with 127,000 net gain in jobs in the Dallas area for 2018. Texas has a net gain of 391,800 jobs, leading the nation in job gain.The demand is there for more job positions, but with the area tight labor market some jobs remain unfilled. 

  • Dallas Morning News, January 18, 2019
January
22

And Another Reason to Own a Home in Texas

2019 Real Estate Transfer Tax

No Real Estate Transfer Tax

Texas is one of a handful of states that does not have a transfer tax when a seller sells their home. Dallas is one of the few cities in the nation that does not have a city transfer tax. Several years ago the voters in the state of Texas passed a constitutional amendment that disallowed any such taxes in the future. So not only do some 40 states have a transfer tax, the cities as well have an additional transfer tax. Another reason so many are moving to Texas. See below the city and state transfer tax on a home sale of $500,000 in selected northern cities.

2019 - Real Estate Transfer Tax

Based on a $500,000 Sales Price

CITY

 

STATE TRANSFER TAX

 

CITY TRANSFER TAX

 

TOTAL TAX

                 

Boston, MA

$2,280.00

   

$0.00

   

$2,280.00

Chicago, IL

$750.00

   

$3,750.00

   

$4,500.00

Los Angeles, CA

$550.00

   

$550.00

   

$1,100.00

New York City, NY

$2,000.00

   

$7,125.00

   

$9,125.00

Philadelphia, PA

$5,000.00

   

$15,000.00

   

$20,000.00

San Francisco, CA

$550.00

   

$3,400.00

   

$3,950.00

Seattle, WA

$6,400.00

   

$2,500.00

   

$8,900.00

 

January
18

Dallas Leads Nation with In-Coming Moves

Dallas Leads Nation with In-Coming Moves

Even migration is bigger in Texas. 

Dallas-Fort Worth leads all U.S. metropolitan areas as the largest net gainer with 246 people arriving daily, according to a Bloomberg analysis of 2017 Census data on migration for the nation's 100 largest regions. In 2014, the crown belonged to Houston with 269 migrants per day.   After Dallas-Fort Worth, the rest of the top five also are Sun Belt beacons -- Phoenix, Tampa, Atlanta and Orlando. Seattle, at number six with a gain of 116 people daily, is the only cold-weather destination in the top 10. The daily influx surpassed 100 people in nine cities, while Chicago, New York, and Los Angeles saw an exodus of more than 100 people every day.

These figures exclude the natural increase in population, which is the difference between the number of live births and the number of deaths.  The migration trend has two channels -- international and domestic. Relocations can lead to large skill and investment transfers. People who choose to relocate to other parts of the country are taking their talents with them. States and local governments make a large investment in educating people and many people further this by investing in a college education, so when one moves, a large investment transfer is occurring.

Dallas-Fort Worth was the greatest beneficiary of domestic migration, adding nearly 59,000 domestic movers in 2017. Business relocations to North Texas have been steady since the Great Recession. In just the last few weeks, Fortune 500 companies McKesson and Core-Mark announced moves to the area. Both are leaving California.

  • Dallas Morning News, December 14, 2018
January
11

Flattening Home Market May Make it Feel Worse Than It Is – Because the Market is Still Good

Flattening Home Market May Make it Feel Worse Than It Is But the Market is Still Good!

2018 was the year of the housing slowdown in Dallas.  After seven years of rising home purchases in North Texas, the speeding home market hit a speed bump in 2018. The decline wasn't much — only about 1 percent fewer homes sold than 2017's record sales. But the new wind blowing through residential neighborhoods freaked out many home sellers who were hoping they could keep asking the moon for the roofs over their heads. "The sky is not falling" on D-FW's housing market, insists Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. "You're just getting back to normal." Gaines is forecasting a flat to slightly lower home sales volume in North Texas next year. And he's expecting year-over-year home price increases to moderate to mid-single-digit percentages. Most national forecasts call for D-FW home prices to rise 4 percent to 5 percent in 2019. That's about the long-term norm for North Texas housing value growth.  But after several years of runaway home price gains, that could seem like a downer to home sellers looking to cash in on their properties.

  • Dallas Morning News, December 28, 2019
January
9

Dallas Home Prices Up 5% in 2018

Home Prices have risen over 40% in the last five years

Dallas-area home price gains slightly outperformed the national average in 2018.Dallas home prices rose 5.3 percent from 2017 levels while the U.S. price increase was 5.1 percent, CoreLogic reports. CoreLogic is forecasting that nationwide home prices will grow less than 5 percent in the year ahead."The rise in mortgage rates has dampened buyer demand and slowed home-price growth," Dr. Frank Nothaft, chief economist for CoreLogic, said in the report. "These higher rates and home prices have reduced buyer affordability," he said. "Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the CoreLogic Home Price Index." Along with Dallas' 5.3 percent year-over-year home price gain, CoreLogic found that prices were up 6.9 percent annually in the Fort Worth area and were 5.8 percent higher in San Antonio. Houston prices rose by just under 4 percent from a year ago. And prices in the Austin area were only 3.4 percent higher than in November 2017. 

Homeowners that CoreLogic surveyed attributed the growing home values as part of a strong national and local economy. "A strong economy helps homeowners feel confident about the value of their property," said Frank Martell, president and CEO of CoreLogic. "If recent declines in the stock market shake consumer confidence in the national economy, we may see homeowners' perception of home values change and a subsequent buyers' market emerge in 2019." Even with the declines in the rate of home appreciation, Dallas-Fort Worth home prices are at record levels and have risen more than 40 percent in the last five years.

  • Dallas Morning News, January 2, 2019