Cy-Fair Edition | July 2024

Real estate

BY COLBY FARR & CARSON WEAVER

Home Edition

2024

Readers, welcome to your annual CI Home Edition! This guide features news ranging from key real estate trends and new developments unique to your neighborhood to an overview of the housing industry across Texas. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. Our cover story this month gives you a snapshot of what’s going on in Cy-Fair’s multifamily housing sector. Through maps and charts, we break down where new apartment complexes are being built and how multifamily home construction will soon outpace single-family home construction locally. See Page 22 for all the details.

What's inside

Property value growth slows in Harris County (Page 17)

Danica Lloyd Senior Editor dlloyd@ communityimpact.com

Taylor Morrison progresses on new neighborhoods (Page 18)

Protecting property during hurricane season (Page 20)

Multiple Listing Service rules changing

Stay tuned

For real estate associations aliated with the NAR, the changes must be implemented in August, per a May 3 news release. After the policy changes take eect, a nal approval hearing for the settlement is scheduled for later in November.

A $418 million settlement with the National Association of Realtors in March may impact fees for buyers, sellers and real estate agents, starting in August. The settlement—brought on by class-action lawsuits alleging brokerages inated buyer- seller commissions—will force the NAR to make policy changes to Multiple Listing Services, online platforms where real estate agents list homes. “[The MLS] gives you all the details of the home—what year it was built, square footage, how many rooms, room sizes,” said Thomas Mouton, chair of the Houston Association of Realtors. According to the settlement, sellers will pay smaller commissions and buyers will decide how much their agents are paid, among other changes. “When an agent searches for a home for their client, [the MLS tells] you what the listing agent is actually oering for compensation,” Mouton said. “Now, that will not be displayed anywhere on the site.”

Updated MLS policies The changes outlined by the NAR settlement in March that go into eect in August include:

“Houston is going to be aected like everyone else because it’s a national settlement,” Mouton said. “We’re no dierent than any other state.”

Listing agents can no longer make compensation oers to buyer agents on the MLS.

MLS participants can’t lter or restrict listings to clients based on the level of compensation oered to the agent.

2024

March 15: Settlement agreement signed April 24: Preliminary approval of settlement review granted by the court Aug. 17: Practice changes take eect; earliest day for lawsuit notications to be issued to those impacted Nov. 26: Final approval hearing for the settlement

Compensation disclosures to sellers, and prospective sellers and buyers, are required.

MLS users must enter an agreement with buyers before home tours.

SOURCE: NATIONAL ASSOCIATION OF REALTORSCOMMUNITY IMPACT

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