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The Alexan, which is being developed by Dallas-based Trammell Crow Residential, is one of the apartment developments under construction in Dallas. The North Texas area will account for about 80 percent of all new apartment supply, according to Marcus & Millichap research.

The Alexan, which is being developed by Dallas-based Trammell Crow Residential, is one of the apartment developments under construction in Dallas. The North Texas area will account for about 80 percent of all new apartment supply, according to Marcus & Millichap research.

Dallas-Fort Worth’s growing economy — thanks to recent corporate relocation and expansion in North Texas — is feeding the appetite from developers to build apartments, according to the latest Marcus & Millichap research.

On Wednesday, Marcus & Millichap released data showing developers completing 8,450 apartment homes over the past year North Texas, which is up from 5,500 year-over-year, according to the research.

This year, developers are expected to complete 13,250 units, or nearly double efforts to build apartment homes.

“Dallas-Fort Worth’s economy will stage another impressive performance in 2013 as the region’s relative affordability lures new residents and relocating and expanding companies,” said Marcus & Millichap researchers.

Those companies: Amazon.com’s two large distribution centers in Dallas-Fort Worth will generate about 1,000 new jobs and BMW recently decided to put its latest parts distribution facility in Lancaster.

North Texas employment is expected to rise 3.2 percent this year, adding 99,500 jobs. Last year, DFW added 106,300 positions.

Along with job growth, the average rent in North Texas is expected to grow 4.4 percent to $863 per month, due to a greater number of high-end, luxury apartments being delivered in in-town locations, according to the report. In 2012, rents increased 2.9 percent.

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Great article by By Les Christie @CNN Money

The bidding wars are back. Seemingly overnight, many of the nation’s major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.

In March, 75% of agents with broker Redfin said their clients’ offers were countered by rival bids, up from 56% who said so in late 2011.

The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-third of listings in Boston, Washington D.C., Seattle and New York generated bidding wars.

“The only question is not whether a new listing will get multiple bids but how many it will get,” said Kris Vogt, who manages 14 Coldwell Banker offices in the Sacramento area. One home in an Elk Grove, Calif., subdivision recently received 62 separate bids. The final sale price was for more than $150,000, well above its $129,000 asking price.

In Cambridge, Mass., two condos that could be combined into one large home hit the market two weeks ago for $800,000 each, according to Pat Villani, president of Coldwell Banker Residential Brokerage in New England.

“The brokers stopped taking names after the number of bidders reached 250,” she said. The winning bidder offered $2 million for both units.

Homebuyers eager to purchase before home prices and mortgage rates rise are finding few homes for sale as sellers hold out for better deals, said Glenn Kelman, Redfin’s CEO.

Many homeowners are still underwater, owing more on their mortgages than their homes are worth, and they want to wait until selling becomes profitable again. By doing so, they can avoid short sales, which carry big hits on credit scores, 85 to 160 points, according to FICO.

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Great article by  out of the Dallas Biz Journal.

Dallas is the most-affordable major metropolitan area to live in the United States, according to a report by ZipRealty, which measures the national housing market.

The ranking is based on median household income and the median home prices. This is the first year ZipRealty has compiled this data, which measures 30 metropolitan areas throughout the country.

Dallas’ median household income is $47,418 with the median home price of $249,950, which gives it a home price to median income ratio of 5.27. That ratio of home price to income is the lowest in the country, said Lanny Baker, president and CEO of Calfornia-based ZipRealty Inc. (NASDAQ: ZIPR)

“My sense is that the economy in Dallas is healthier today than it’s been for awhile,” Baker said, attributing his opinion to North Texas’ stable income levels. “That hasn’t yet translated into higher housing values.”

The favorable ratio of income to housing prices could bring in folks from other parts of the country, where housing prices are higher than Dallas. The median home price throughout the country is $299,500, which is about $50,000 more than Dallas’ median home price.

“Dallas isn’t inflating as fast as other areas of the country,” Baker said, adding that San Francisco, Sacramento and Las Vegas are seeing significantly higher home prices year-over-year through the first quarter of 2013.

Houston has the second-most-affordable housing market, followed by Minneapolis, with a 5.43 and a 5.5 index, respectively, Baker said.

Some of the most expensive places to live in the country based off the index include Washington, D.C., Brooklyn and the San Francisco area.

Click Here for a list of Top 10 most affordable housing markets…