Labor Market Expands But Also A Spike Of Business Bankruptcy Filings
Texas: A spike of business bankruptcy filings occurred at both the national and state levels. The Administrative Office of the U.S. Courts reported 1,657 bankruptcy cases, with the number of cases in Texas accounting for over 20 percent. Failed enterprises doubled in Texas in March, reaching 337 filings. The monthly average over the past ten years has been 200. Despite the abnormally high number of failed businesses in March, total nonfarm employment grew by 28,600 workers.
Texas: Just over half of residential home purchases were made by people older than 44. People aged 25 to 34 made up just 14% of the market.
DFW: There are fewer transactions taking place in Dallas-Fort Worth than a year ago after a surge in mortgage rates spurred by the Federal Reserve, but there is still a significant shortage of homes available for sale that is driving a strong seller’s market.
Texas: The state’s total single-family starts value reached $7.1 billion in March, down from $12 billion in March 2022. Houston and Dallas-Fort Worth continue to account for over half of the state’s values, holding a combined 55 percent of the Texas market. Austin and San Antonio remained on par with previous years’ market percentage shares.
Texas: Texas’ average DOM steadily advanced to 57 days. Compared with the five-year average of 59 days before 2020, the housing market is fast approaching historic norms.
DFW: Homes sold after an average 52 days on the market. A year ago, the average was just 20 days.
Texas: In the first quarter, Austin-area and DFW-area homes were the most expensive in the state, while homes in the Wichita Falls and Texarkana areas were the least expensive, according to a separate report from Texas Realtors.
La La Land: Beyoncé And Jay-Z Buy Malibu Estate For $200 Million—The Most Expensive Home In California. They reportedly got a discount, as the home was privately listed for $295 million. Designed by renowned Japanese architect Tadao Ando, the mansion spans 30,000 square feet and reportedly took more than a decade and a half to finish. The modern home was completed in 2014. The seller is notable Los Angeles art collector Bill Bell, Jr., who is the heir to a soap opera fortune. His father, William J. Bell, created the iconic soap operas The Young and the Restless and The Bold and the Beautiful.