Texas

DFW master-planned communities rank among the best in the nation

The North Texas Silverado residential community in Aubrey was the top seller in Texas for the first half of the year.

DALLAS – Silverado, a North Texas residential community in Aubrey, was the top home seller in Texas in the first half of the year and the third highest in the nation, according to a new report.

Silverado, developed by Arlington-based DR Horton, earned third place with 599 sales during the first half of 2022, according to the mid-2022 “50 Best-Selling Master Planned Communities” report compiled by RCLCO Real Estate Consulting. .

The 599 home sales were a 200% increase over the 200 homes sold in Silverado in the first half of 2021. This comes at a time when many builders are seeing declining sales year over year.

Four communities in North Texas made the top 50.

Wildcat Ranch in Crandall ranked 27th nationally with 276 home sales in the first half of the year. This is 3% less than the 285 sold in the community in the middle of last year. Sessions Development and PMB Capital are building Wildcat Ranch.

Magnolia Ranch in Royse ranked 32nd nationally with 255 home sales. The development by DR Horton was down 15% from 301 home sales in the first half of last year.

Union Park, a Hillwood Communities development in Little Elm, ranked 42nd with 227 home sales in the first half of this year. That’s 19% less than the 279 sold in the first six months of the 221.

Texas and Florida dominate home sales in the second half of 2022, the RCLCO report says. Florida had about 36% of the sales among the ranked communities, and Texas had 34%.

Nationwide, sales in ranked communities fell 18% in mid-2022 compared to the first six months of 2021.

The Houston-The Woodlands-Sugar Land metro area had 13 master-planned communities in the top 50, more than any other metro area. Sunterra, located in the Houston suburb of Katy, ranked eighth with 450 homes sold in the first half of 2022. The community is being built by Land Tejas/Starwood Land.

The Houston metro area also topped the rankings for total sales, with 3,430, accounting for almost 20% of all master-planned community homes purchased.

The Villages, a community in Central Florida, was the top seller in the country with nearly 1,500 sales. Lakewood Ranch, Sarasota, Florida, It took second place with 1,026 sales.

Nationwide supply chain issues and inadequate new home inventory continued to pose challenges for builders, and price increases and rising interest rates began to affect traffic from potential buyers in recent months, according to the RCLCO report.

Homebuilders in North Texas saw increased cancellations in the first half of the year.

According to Redfin research, the percentage of home sales that went out of contract in the Dallas area last month was 19.9% ​​— a full 5% higher than the national average. In the Fort Worth area, 18.9% of contracts failed.

Nationally, the median price among all new single-family homes has increased 15% since mid-2021 and more than 40% since April 2020, and the depths of the pandemic prices.

New home prices in DFW topped $500,000 for the first time last month, according to a HomesUSA report. The three-month moving average of new home sales prices in June was a record $501,327, compared to $486,172 in May. The median new home price in DFW has been above $85,000 since June 2021, up more than 20% year-over-year.

Despite the slowdown in new sales, many developers remain optimistic as higher prices mean they can meet budget despite lower sales, the RCLCO report said.

The fundamentals underlying new home demand for the longer term remain strong, according to the report.

“In particular, as millennial households continue to enter the prime family formative years in large numbers, the life stage that traditionally precedes single-family home ownership, long-term demand for single-family housing will remain strong,” the report said. “Furthermore, these strong demand projections driven by demographic headwinds are coupled with a housing environment that continues to be undersupplied.”

While the recession may have resulted in the Federal Reserve raising interest rates to combat inflation, the housing market is not oversupplied, as home sales fell 66% in 2008.

“If there is a recession, as some economists predict, it’s important to remember that new home sales have fallen by less than 10% on average in past recessions,” the report said.

DFW master-planned communities rank among the best in the nation

Source link DFW master-planned communities rank among the best in the nation

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