The dynamic real estate landscape of Dallas-Fort Worth and the broader Texas market continues to evolve, marked by significant institutional appointments, steady housing market performance, robust employment growth, and ambitious expansion strategies by key industry players. This week’s comprehensive real estate roundup brings you crucial updates, including recent leadership hires at the Dallas Housing Authority, an insightful look into August’s average home prices and sales trends across Dallas-Fort Worth and statewide, a promising employment forecast for the Lone Star State, and the latest expansion plans from real estate giant Compass.
Dallas Housing Authority Bolsters Leadership with Key New Hires
In a strategic move to enhance its services and operational efficiency, the Dallas Housing Authority (DHA) proudly announced the appointment of two highly experienced professionals to critical leadership roles last week. LaShonne Watts and Myriam Igoufe are set to bring fresh perspectives and expertise to the organization, which plays a pivotal role in providing affordable housing solutions and support services across North Texas.
LaShonne Watts steps into her new position as the Director of Resident Services. Her extensive background in community development and legal affairs makes her an ideal fit for this crucial role. Watts previously served the city of Dallas through its impactful GrowSouth/Neighbor Up initiative, where she acted as the general manager for the Red Bird area. In this capacity, she was instrumental in spearheading community revitalization projects and fostering economic development. Before her work with GrowSouth/Neighbor Up, Watts contributed her legal acumen as an assistant city attorney and Southeast community prosecutor for the city of Dallas. She holds a bachelor’s degree from Cornell University and a Juris Doctor from the esteemed University of California, Berkeley. In her new leadership position at DHA, Watts will be tasked with the vital responsibility of planning, coordinating, and implementing a broad spectrum of services designed to empower residents on their journey toward economic self-sufficiency, ultimately improving their quality of life.
Joining her is Dr. Myriam Igoufe, who assumes the role of Director of Housing Services for DHA’s Housing Choice Voucher program. Dr. Igoufe brings a robust academic and research background to the DHA team, having previously been a key member of the University of Arlington North Texas Regional Housing Assessment research team. In her new capacity, she will be instrumental in fostering stronger collaborations between the agency, property owners, landlords, and various community resources. Her primary objective will be to expand and enhance the availability of affordable housing options within the diverse neighborhoods served by the DHA, ensuring equitable access for all eligible residents.
Dr. Igoufe is a recent doctoral graduate in urban planning and public policy from UTA, where her expertise shone through as she led the comprehensive North Texas Regional Housing Assessment analysis. Her significant contributions have been recognized nationally, as evidenced by her receipt of the prestigious Dwight David Eisenhower Transportation Fellowship from the U.S. Department of Transportation for two consecutive years. Furthermore, her commitment to equitable development is demonstrated through her active participation on the Equity sub-committee and Technical Advisory team for Smart Growth Dallas. Beyond her doctorate, Dr. Igoufe possesses a bachelor’s degree in political science, government, and international law, as well as a master’s degree in public administration, both from Lamar University. Her multifaceted academic and professional experience positions her as a formidable asset to the DHA.
David Zappasodi, DHA’s chief operating officer, expressed immense enthusiasm for the new additions to the team. “We are thrilled to have Ms. Watts and Dr. Igoufe join the DHA team,” Zappasodi stated. “They are bringing the next generation of insights, experience, and ideas to the agency to help us continue providing much-needed affordable housing resources across North Texas. We look forward to leveraging their talent as we implement innovative solutions for resident services and fair housing.” These appointments underscore DHA’s commitment to strategic leadership that drives innovation and excellence in addressing the critical housing needs of the Dallas community.
Dallas-Fort Worth New Home Sales Show Stability Amidst Price Increases
The Dallas-Fort Worth (DFW) housing market continues to demonstrate remarkable resilience, with new home sales holding steady last month, according to the latest HomesUSA.com New Home Sales Index. This index, a key metric for real estate professionals and prospective homebuyers, meticulously tracks the average number of Days on Market (DOM) required to sell a newly constructed home, providing valuable insights into market velocity and demand. While sales remained stable, the region also experienced a notable uptick in average new home prices, reflecting ongoing strong demand in one of the nation’s most dynamic housing markets.
For the vibrant Dallas-Fort Worth region, the Days on Market saw only a marginal increase, moving from 114.71 days in July to 115.15 days in August. This stability in DOM is a positive indicator, suggesting that while the market remains active, it has found a consistent pace. Ben Caballero, the owner of HomesUSA.com and a recognized expert in new home sales, affirmed the market’s strength. “Overall, Dallas-Ft. Worth new home sales numbers remain solid,” Caballero commented. “While Dallas-Ft. Worth shows a slightly slower sales pace, and total average monthly home sales that were flat over the last month, it remains the state’s and the nation’s number-one new home sales market.” This dominant position underscores DFW’s appeal and its robust economic fundamentals that continuously attract residents and investment.
Looking at the broader Texas landscape, the statewide Days on Market for new home sales also remained remarkably consistent, registering 112.97 days in August, a negligible change from 112.70 days in July. This statewide stability mirrors the performance in DFW, indicating a healthy and balanced market across Texas’s major metropolitan areas. The rolling average for total new home sales across the four largest markets – Dallas-Fort Worth, Houston, Austin, and San Antonio – reached an impressive 3,790 units. This figure represents the highest level recorded for the year, surpassing the previous high of 3,743 units in the preceding month, highlighting a growing momentum in new home construction and sales activity throughout the state.
Specifically, new home sales in Dallas-Fort Worth remained flat in August, recording 1,333 units, consistent with the July figures. While the quantity remained steady, the value of these homes increased. The average new home price statewide saw a healthy rise, climbing from $352,409 in July to $353,668 in August. Among the four major metro areas, Dallas-Fort Worth experienced the most significant surge in prices, with the average new home price leaping from $364,552 in July to an impressive $369,283 in August. This upward trend in home prices, particularly in DFW, reflects a combination of strong buyer demand, limited inventory, and rising construction costs, all contributing to a competitive market environment for new residential properties.
Texas Employment Forecast Projects Continued Robust Growth
The economic engine of Texas continues to hum, with the latest projections from the Federal Reserve Bank of Dallas’ Texas Employment Forecast indicating sustained and robust job growth for the current year. This positive outlook is a testament to the state’s diverse economy and its ability to attract and retain businesses and talent. The forecast predicts a substantial 2.8 percent increase in Texas employment this year, accompanied by an 80 percent confidence band ranging from 2.3 to 3.3 percent. This confidence band provides a statistical measure of the forecast’s accuracy, suggesting a high probability that actual job growth will fall within this range.
Based on these promising projections, the state of Texas is expected to add a remarkable 340,600 new jobs over the course of the year. This expansion will elevate the total employment figure to an impressive 12.7 million by December 2018, underscoring the dynamic and expanding nature of the Texas workforce. Such significant job creation has broad implications, not only for individual prosperity but also for the overall economic health and real estate market stability across the state.
Keith R. Phillips, Dallas Fed assistant vice president and senior economist, provided crucial context to these figures, noting some revisions based on new data. “After incorporating recently released data from the Quarterly Census of Employment and Wages, Texas job growth for the first quarter of 2018 was revised down from 3.6 to 2.8 percent,” Phillips explained. Despite this downward revision, the underlying trend remains exceptionally strong. “Even with the downward revision, Texas jobs grew at a strong 3.1 percent annualized pace in the first half of the year. Over the past two months, jobs have decelerated slightly, growing at a pace of 2.8 percent.” This slight deceleration, however, does not diminish the overall positive trajectory, as 2.8 percent growth is still indicative of a robust and healthy labor market. The continued creation of a large number of jobs directly fuels demand in the housing sector, providing a stable foundation for the Texas real estate market.
Compass Secures $400M in Funding, Eyes Aggressive Texas Expansion
Real estate juggernaut Compass, a technology-driven brokerage firm, made a groundbreaking announcement last week: it has successfully secured an astounding $400 million in Series F financing. This substantial injection of capital is poised to further accelerate the company’s ambitious plans for both national and global expansion, while simultaneously bolstering its significant investment in cutting-edge real estate technology. The successful funding round solidifies Compass’s position as a formidable disruptor in the traditional real estate landscape.
The latest round of funding was spearheaded by two highly influential global investors: the increasingly ubiquitous Softbank Vision Fund and the Qatar Investment Authority. Their involvement underscores the confidence in Compass’s business model and its future growth potential. With this latest infusion, the total capital raised by Compass now stands at an impressive nearly $1.2 billion, providing the company with unparalleled resources to execute its strategic vision and continue its rapid ascent in the highly competitive real estate market.
Ori Allon, Founder and Executive Chairman of Compass, articulated the company’s global ambitions. “Real estate is the largest asset class in the world, and we are excited to bring Compass technology to international markets,” Allon stated. He emphasized the proven success of their model: “Our incredible track record of growth in the U.S. validates our vision and sets us up for the global stage. The support of our investors will strengthen the Compass mission to help everyone find their place in the world by advancing our national and global expansion and continue building our agent productivity platform through technology and innovation.” This vision highlights Compass’s commitment to empowering agents with superior tools and technology, ultimately benefiting both real estate professionals and consumers worldwide.
Justin Wilson, SoftBank Investment Adviser’s board representative, echoed this sentiment, emphasizing the strategic alignment between Compass’s mission and SoftBank’s investment philosophy. “Compass’s continued growth is being driven by their commitment to empowering agents with best-in-class technology that helps them expand their business and better serve consumers,” Wilson remarked. “We’re excited to continue to support Compass as they further invest in their data and technology capabilities to create a next-generation platform for home transactions and ownership.” This partnership underscores a shared belief in the transformative power of technology within the real estate industry.
Beyond its significant funding, Compass also revealed aggressive expansion plans within Texas, a state known for its dynamic and growing real estate markets. The company intends to launch operations in Austin, Houston, and Nashville before the end of 2018. These strategic market entries are anticipated to further bolster its market share and presence in key urban centers. Furthermore, Compass announced that it is well on track to achieve more than $34 billion in sales volume this year, a remarkable projection that would effectively double its impressive 2017 figure of $14.8 billion. This rapid growth trajectory and ambitious expansion strategy position Compass as a dominant force shaping the future of real estate, both within Texas and on a global scale.