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Newsletter
Read below for your updates on Local, State, and National Government Relations, celebrate the success of our membership drive, learn more about your membership benefits, and see our upcoming events.
Sponsors
2024
Supporter Sponsors:
Government Relations Update
DSD Liaison Meetings:

Builder Liaison:
May 8th

Development Task Force:
May 17th at 9:00am
City Council Chambers, City Hall
Corpus Christi
Permit Reports:
Certificate of Occupancy Reports:


March 6, 2024

HomePAC Texas Association of Builders Update

TAB Member,

I hope this message finds you well. We wanted to send you an update on last night’s Primary Election results. As always, please don’t hesitate to reach out to the government relations team if you have any questions about last night’s election. TEXAS HOUSE OF REPRESENTATIVES The House, already facing 16 announced retirements prior to Election Day, was bound to look differently going into next session. Tuesday brought more change with nine incumbents losing outright and eight more facing runoffs (most of them having placed second in their respective contests). The 2024 primary races were as intense and expensive as we’ve seen in years. Lieutenant Governor Dan Patrick (R) made endorsements in House races for the first time in his tenure as the Senate’s President. Governor Greg Abbott (R) and Attorney General Ken Paxton (R) were also extremely active in the House primaries – Abbott motivated by school voucher votes last session (and special sessions), while Paxton was focused on removing those who voted to impeach him. With these three statewide officers in the mix, and not always aligned on their endorsements, the Republican primary was extremely competitive. Most notably, sitting Speaker of the House Dade Phelan is not only facing a runoff opponent endorsed by the Lieutenant Governor and Former President Trump (among others), but he also failed to finish in first place. Phelan will be the most watched race by a long shot, but four House chairman are also facing a runoff – DeWayne Burns (R – Cleburne, chair of Land and Resource Management), John Kuempel (R – Seguin, chair of Higher Education), Justin Holland (R – Rockwall, chair of Sunset Commission), and Stephanie Klick (R – North Richland Hills, chair of Public Health). Lastly, Abbott and Patrick were big winners on election night, winning the vast majority of the races where they endorsed an opponent, while Paxton’s win-loss record dipped under .500. READ MORE HERE.

April 30, 2024

Fed Is Set to Hold Rates Higher for Longer

On May 1, the Federal Reserve will conclude its next monetary policy meeting. With inflation progress stalling in recent quarters, the Fed is set to hold rates at their current, restrictive levels until further progress is made with key price metrics. The gradual erosion of market expectations of rate cuts for 2024 has led long-term interest rates to rise. For example, the 10-year Treasury rate (which reflects both long-term inflation expectations and near-term economic growth estimates) started the year near 3.8%. However, as the bond market lowered the number of expected rate cuts for 2024 from six to two or fewer, the 10-year rate has increased, rising to above 4.6% as of this week. Consequently, the 30-year fixed-rate mortgage averaged 7.17% last week, the first time this key rate increased above 7% since November of last year. 
 
So, why are markets — and many economists, including those at NAHB — adjusting their rate forecasts? The primary reason is a lack of progress for inflation. This is because of a rise in certain service expenditures, such as insurance which increased by 11% in cost during 2023, as well as elevated shelter pricing due to a lack of housing supply.
 
However, economic growth continues to be good — but not great. Real gross domestic product (GDP) expanded at a modest 1.6% annual pace in the first quarter of 2024. This was slower than a 3.4% gain in the fourth quarter of 2023 and the lowest annual growth rate in the past seven quarters. While lower than NAHB’s forecast of a 2.0% increase, it is still solid enough to prevent the economic cooling many thought would help curb inflation during the first half of 2024. 
 
Housing’s share of GDP rose to 16.1% in the first quarter of 2024, marking its highest portion of GDP since 2022. Indeed, despite elevated interest rates, new home sales remained solid, helped by builder incentives including mortgage rate buydowns. Sales of newly built, single-family homes in March rose 8.8% to a 693,000 seasonally adjusted annual rate. The pace of new home sales in March was up 8.3% from a year earlier. Although consumer demand has been somewhat dampened by higher interest rates, builders continue to supply new homes to the market to lift inventory and compensate for the low resale supply.
 
In contrast, existing home sales weakened in March, declining from a 12-month high in the prior month. Total existing home sales declined 4.3% to a seasonally adjusted annual rate of 4.19 million in March. On a year-over-year basis, sales were 3.7% lower than a year ago because of ongoing challenges with inventory. Homes available for sale made up only a 3.2-month supply in March. A 5- to 6-month supply is considered balanced. 
 
With higher-than-expected interest rates on deck for 2024 and stubbornly low levels of supply, housing affordability will continue to be challenged.
Dr. Robert Dietz
NAHB Chief Economist

Membership
Meet Leslie Schey!

Leslie is the CBHBA Autumn Associate Member of the Month. Leslie has been not only an Associates Council President, but also served as President of our Association during her tenure as a member. Leslie has put in months of hard work leading up to our 75th Anniversary Gala. We could not be more grateful for the time she has dedicated to our membership. Thank you Leslie!
Meet Ryan Dibble!

Ryan is the CBHBA Builder Member of the Month. Ryan served this year on the Parade of Homes committee. Ryan's valuable input and ability to provide insight, ideas, and knowledge to the committee allowed us another successful Parade and a foundation for growth. Thank you for your leadership and hard work Ryan!
2024 Parade of Homes Success!
Thank you to our Builders and Sponsors!
Congratulations to our Builders on their Stunning Homes!

Category 1 $350,000 and Under
D.R. Horton: 1949 Whirlaway Drive
  • Best Floorplan
  • Best master Bath
  • Best Staging
D.R. Horton: 2248 Medusa Drive
  • Most Energy Efficient
D.R. Horton: 154 Kokomo Drive
  • Best Outdoor Space
Mandel Homes: 3517 Pineda Street
  • Best Curb Appeal
  • Best Craftsmanship
Hogan Homes: 2602 Westeros Street
  • Best Kitchen
 
Category 2 $350,001 - $500,000
Azali Homes: 1838 Spoonbill Drive
  • Best Curb Appeal
  • Best Floorplan
  • Best Craftsmanship
  • Best Kitchen
D.R. Horton: 1005 Barbados Drive
  • Best Staging
  • Most Energy Efficient
Justin Custom Homes, LLC: 4010 Azali Drive
  • Best Master Bath
  • Best Outdoor Space
Category 3 $500,001 - $750,000
Azali Homes: 4014 Karo Drive
  • Best Curb Appeal
  • Best Floorplan
  • Best Outdoor Space
  • Best Staging
Hogan Homes: 1509 Gemini Acres
  • Best Craftsmanship
  • Best Master Bath
  • Best Kitchen
  • Most Energy Efficient
Category 4 $750,000 +
Live Oak Custom Homes: 5417 Sky Hawk Dr.
  • Best Curb Appeal
  • Best Floorplan
  • Best Craftsmanship
  • Most Energy Efficient
Azali Homes: 2349 Shaftsbury Drive
  • Best Master Bath
  • Best Kitchen
Leos Construction: 5402 Bonanza Drive
  • Best Outdoor Space
Newcastle Construction:161 La Concha
  • Best Staging
Special Thank You to Monica Sanderson, Lisa Champion and Veronica Galvan for organizing and operating the Ribbon Cutting and Kick-Off Party! We are so grateful for your time, dedication, and ability to throw an amazing party!
Events & Association Updates
Upcoming Events!
May 2nd - Ferguson Cinco de Mayo Mixer
May 8th - Builder Liaison Meeting
May 9th - Beer with a Builder at Bron's Backyard
May 17th - 75th Anniversary Gala
June 21 & 22 - Builders on the Bay
September 9th - Sporting Clay Shoot
TAB & NAHB Resources
NEW BUILDER CONTRACTS
To access the contracts you must be a member of your local organization, in good standing. Looking to join (or re-join!) and purchase the contracts, reach out to alyciak@cbhba.org