GARLAND, TX – When it comes to choosing a place to live, North Texas residents join the rest of the country in a desire to decrease commute times and increase life balance. JPI, the North Texas leader in multifamily development, has taken the first step in meeting both needs for Garland residents with the start of construction of Jefferson Woodlands. The luxury development will offer residents the best of both worlds: a small drive to the nearby CityLine and Telecom Corridor business parks, and a walk’s distance to the adjacent 33-acre Spring Creek Forest Preserve.

“We saw a unique opportunity in the dynamic growth of the Garland submarket,” said Brad Taylor, JPI’s chief development officer and national managing partner. “The city’s strategic plotting has made an ideal environment for our future residents and a development worthy of investment.”

Located off President George Bush Turnpike, Jefferson Woodlands will include 364 apartment homes ranging from 600 to nearly 1,600 square feet, an extensive amenities package, and quality upgraded interiors. Jefferson Woodlands is also situated near a host of grocery, retail, entertainment and dining options.

“We look forward to delivering a community that will provide the convenience of a gorgeous home that is equally close to work as it is to nature,” said Matt Brendel, senior vice president and development partner at JPI.

Jefferson Woodlands will also offer residents: The ability to be less than three miles from Firewheel Town Center, a 1 million-square-foot retail space that hosts huge names such as Macy’s, Dillard’s, Barnes & Noble and an AMC Theatre; The convenience of Spring Creek Forest Preserve’s master-plotted trail system; State-of-the-art fitness and yoga facilities; Urban 10-foot ceilings; Private patios with ground-floor private yards; and Townhome-style apartment homes. 

“This development represents the next step in Garland’s evolution,” said Garland City Council member Scott LeMay. “Jefferson Woodlands will embody the best that Garland has to offer: sustainability, nature and commerce with a hometown feel.”

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NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for October 2017 shows that home prices continued their rise across the country over the last 12 months.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.2% annual gain in October, up from 6.1% in the previous month. The 10-City Composite annual increase came in at 6.0%, up from 5.7% the previous month. The 20-City Composite posted a 6.4% year-over-year gain, up from 6.2% the previous month.

Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In October, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.2% increase, and San Diego with an 8.1% increase. Nine cities reported greater price increases in the year ending October 2017 versus the year ending September 2017. 

The charts on the following page compare year-over-year returns of different housing price ranges (tiers) for the top two cities, Seattle and Las Vegas.

Before seasonal adjustment, the National Index, 10-City and 20-City Composites all posted a month-over-month gain of 0.2% in October. After seasonal adjustment, the National Index, 10-City and 20-City Composites all recorded a 0.7% month-over-month increase in October. Eleven of 20 cities reported increases in October before seasonal adjustment, while all 20 cities reported increases after seasonal adjustment.

“Home prices continue their climb supported by low inventories and increasing sales,” says David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. “Nationally, home prices are up 6.2% in the 12 months to October, three times the rate of inflation. Sales of existing homes dropped 6.1% from March through September; they have since rebounded 8.4% in November. Inventories measured by months-supply of homes for sale dropped from the tight level of 4.2 months last summer to only 3.4 months in November.

“Underlying the rising prices for both new and existing homes are low interest rates, low unemployment and continuing economic growth. Some of these favorable factors may shift in 2018. The Fed is widely expected to raise the Fed funds rate three more times to reach 2% by the end of the New Year. Since home prices are rising quicker than wages, salaries, and inflation, some areas could see potential home buyers compelled to look at renting. Data published by the Urban Institute suggests that in some West coast cities with rapidly rising home prices, renting is more attractive than buying.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com

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