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Texas Housing Insight – July 2021 Summary

Texas housing sales remained unchanged in July but trended downward amid limited supply of homes across all price cohorts. Despite decreases in mortgage interest rates, double-digit home-price appreciation chipped away at housing affordability. Elevated levels of demand persisted as homes averaged less than a month on the market. On the supply side, single-family housing permits declined for the second consecutive month, and housing starts decelerated even as lumber prices plummeted due to other material inputs keeping construction costs high. The historically low level of inventory available for sale is the greatest challenge to Texas’ housing market. The state’s diverse and expanding economy, favorable business policies, and steady population growth, however, support a favorable outlook.   


The Texas Residential Construction Cycle (Coincident) Index, which measures current construction activity, inched up amid increased construction values and wages while employment flattened in the industry. The Residential Construction Leading Index (RCLI), normalized as residential starts flattened and weighted building permits decreased; the ten-year real Treasury bill also decreased. Weighted building permits and residential starts increased in Houston and San Antonio; however, the leading index ticked down in the former due to an overall downward trend while the metric increased in the latter. Meanwhile Dallas-Fort Worth (DFW) and Austin indexes flattened as housing starts and building permits decreased in both metros.

Single-family construction permits declined for the second consecutive month in July, dropping 11 percent. Nevertheless, issuance exceeded its 2006 average and elevated 31.9 percent on a year-to-date (YTD) basis. Houston continued to lead the nation with 4,259 nonseasonally adjusted permits, followed by Dallas-Fort Worth at 4,174. Issuance in Austin decreased to 1,966 permits but remained well above pre-Great Recession levels. San Antonio’s metric remained unchanged, reporting 1,267 permits as the overall trend normalized over the past five months. Similar to single-family permits at the statewide level, monthly permits issued for multifamily properties sank 10.1 percent; year-over-year comparisons, however, were largely positive.

Material inputs remain costly due to supply-chain issues, but lumber prices fell 93.6 percent in July.  Consequently, total Texas housing starts decelerated 2.2 percent. Single-family private construction values decreased for the second straight month, declining 8 percent in real terms. Monthly fluctuations in Dallas and San Antonio reflected broader movements in the statewide metric, while Austin and Houston values normalized from record activity.

Housing supply remained at relatively low levels statewide, despite rising for two consecutive months as Texas’ months of inventory (MOI) increased to 1.5 months. Similarly, the MOI for homes priced less than $300,000 trended positively, increasing to 1.1 months. The two-month increase in inventory held across all price cohorts, rising from a trough in May. The MOI for luxury homes (homes priced more than $500,000) grew to 2.4 months but remained down 51 percent from 4.9 months a year ago. A total MOI of around six months is considered a balanced housing market.  

The MOI accelerated across the major metros, rebounding after a year-long decline. Houston’s MOI grew to 1.7 months. Dallas and Fort Worth increased supply to 1.2 months, and the MOI expanded in San Antonio and Austin to 1.6 and 0.8 months, respectively.


Total housing sales extended its negative trend, ticking down 0.3 percent amid reduced activity for homes prices less than $300,000. The sales composition continued to shift toward homes above that price point, accounting for 51 percent of transactions in July and signaling supply constraints at the lower price cohorts. Sales for homes priced less than $200,000 reached an all-time low as homes appreciated across the state.

Luxury home transactions registered double-digit YTD growth in the major Metropolitan Statistical Areas (MSAs) despite total sales trending downward. Home sales fell 1.8 and 1.2 percent in Austin and San Antonio, respectively. In North Texas and Houston, total sales reflected statewide fluctuations as significant decreases in new-home transactions offset incremental sales growth in the resale market.

Despite lackluster sales, Texas’ average days on market (DOM) fell to an all-time low of 28 days. Similarly, the DOM fell to record lows in all the major metros, corroborating robust demand as mortgage rates remained favorable to homebuyers. Homes on Austin’s Multiple Listing Service lasted an average of 14 days, while the Dallas and Fort Worth DOM averaged just over three weeks. Homes in Houston and San Antonio sold at a rate closer to the state measure, staying on the market for 31 and 29 days, respectively.

Amid low expectations of additional fiscal and monetary stimulus, economic growth forecasts for the rest of the year cooled as the initial and strongest stage of recovery likely reached its peak, and inflation pressures are believed to be temporary. The ten-year U.S. Treasury bond yield fell to 1.32 percent, and the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate decreased to 2.9 percent. Despite lower rates for borrowers, mortgage applications for home purchases continue to fall, declining 22.1 percent YTD. Mortgage rates remained low for the typical Texas homebuyer in June3, sinking to 3.03 percent for nonGSE loans, while the median interest rate for GSE loans was 3.11 percent. Texas home-purchase applications, however, declined for the fourth consecutive month in July, falling 22.1 percent YTD. Refinance applications improved on a monthly basis yet were still down 18.5 percent over the same period. (For more information, see Finding a Representative Interest Rate for the Typical Texas Mortgagee.)


The Texas median home price posted a new record high, decelerating 15.6 percent YOY to $301,900. Year-to-date (YTD) price growth was 15.9 percent in July, considerably more than last year’s YTD average of 7.1 percent. Three of the four major MSAs reached all-time highs in median home prices. The exception was Houston ($299,200) where the metric dipped just $1,600 from last month’s record high. Austin led the state with median price of $470,300, followed by Dallas at $370,600. The median price in Fort Worth ($306,300) and San Antonio ($286,700) rose $2,600 and $10,000, respectively.

The Texas Repeat Sales Home Price Index accounts for compositional effects and provides a better measure of changes in single-family home values. The index corroborated increased home-price appreciation, climbing 17.7 percent YOY. Houston’s metric rose by 14.1 percent, while Dallas and Fort Worth indexes grew 22.9 and 20.9 percent, respectively. Furthermore, the index in Austin soared 23.3 percent and accelerated 18.6 percent in San Antonio. Home-price appreciation unmatched by income improvement will continue to chip away at housing affordability.

Single-Family Forecast

The Texas Real Estate Research Center projected single-family housing sales using monthly pending listings from the preceding period (Table 1). Only one month in advance was projected due to the uncertainty surrounding the COVID-19 pandemic and the availability of reliable and timely data. Texas sales are expected to normalize for the second straight month, dipping 0.7 percent in August.

The recovery in Dallas is predicted to surpass the state average as single-family sales improve 2.3 percent. The metric in Austin will likely be more subdued, but third quarter transactions should still exceed 3Q2020 levels. Sales activity is forecasted to decrease 1.3 and 2.1 percent in Houston and San Antonio, respectively.

On the supply side, inventory should improve slightly, reaching a trough in May, with the forecast predicting a rise in both active and new listings. Constrained inventory has curbed sales during the past few months. (For more information, see the 2021 Mid-Year Texas Housing & Economic Outlook.)

Household Pulse Survey

According to the U.S. Census Bureau’s Household Pulse Survey, 6 percent of Texas homeowners were behind on their mortgage payments during July, slightly greater than the national share of 5 percent (Table 2). The metric within Texas’ largest metropolitan areas increased from last month to 6 and 7 percent in DFW and Houston, respectively. The share of Texas respondents who were not current and expected foreclosure to be either very likely or somewhat likely in the next two months, however, decreased 12 percentage points to 14 percent, just lower than the national rate of 15 percent (Table 3).

The proportion of delinquent individuals who were at risk of foreclosure decreased to 11 percent in North Texas and 12 percent in Houston. The Federal Housing Finance Agency’s foreclosure and REO eviction moratoriums for properties owned by Fannie Mae and Freddie Mac are currently extended through Sept. 30, 2021. After the survey was taken, the Centers for Disease Control and Prevention ended its federal eviction moratorium on Aug. 26, 2021. Continued stability in the housing market is essential to Texas’ economic recovery.


1 All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.

2 Bond and mortgage interest rates are nonseasonally adjusted. Loan-to-value ratios, debt-to-income ratios, and the credit score component are also nonseasonally adjusted.

3 The release of Texas mortgage rate data typically lag the Texas Housing Insight by one month.


Source – James P. Gaines, Luis B. Torres, Wesley Miller, Paige Silva, and Griffin Carter (September 24, 2021)

Fall Maintenance Tips

Now that the temperatures are starting to cool down, it is the perfect time to start thinking about some interior/exterior maintenance around your home.

Here are some great DIY tips to get you started:

Exterior Fixes

  • Regularly clean gutters and downspouts. Make sure all drainage areas are unblocked by leaves and debris. Consider installing gutter guards to make the job a lot easier.
  • Use a screwdriver to probe the wood trim around windows, doors, railings and decks. Use caulk to fill the holes or completely replace the wood.
  • Lower humidity and cooler (not yet cold) temperatures make fall a good time to paint the exterior of your home.
  • Inspect your roof, or hire a licensed professional to examine your roof for wear and tear. If the shingles are curling, buckling or crackling, replace them. If you have a lot of damage, it’s time to replace the entire roof. Also, check the flashing around skylights, pipes and chimneys. If you have any leaks or gaps, heavy snow and ice will find its way in.
  • To prevent exterior water pipes from bursting when the weather gets below freezing, turn off the valves to the exterior hose bibs. Run the water until the pipes are empty. Make sure all the water is drained from the pipes, if not; the water can freeze up and damage the pipes.
  • Wrap water pipes that run along exterior walls with heating tape. It will save energy and prevent them from freezing.

System Maintenance

  • Clean and replace filters in your furnace or heating system. Contact a licensed heating contractor to inspect and service your gas heater or furnace to avoid carbon monoxide poisoning. Your local utility company will often provide this service for free.
  • If you use a hot water system for heating, drain the expansion tank, check the water pressure, and bleed your radiators.
  • Check the attic to make sure the insulation is installed properly. The vapor barrier on insulation should face down toward the living space. If it is installed incorrectly (with the vapor barrier facing up) then the insulation will trap moisture causing possible water problems. Cut slits in the vapor barrier to allow moisture to escape. To install attic insulation, unroll the insulation with the paper side out. Install small pieces of insulation between the joists on the attic floor. Be careful not to step between the joists.

Fall Garden Maintenance

  • Fall is the perfect time to divide or move perennials. Remove dead annuals and mulch hardy perennials. Annuals typically die when temperatures drop below freezing. But perennials often appear as though they too have bitten the bullet. That’s because their top growth dies back, although in most cases the root ball is hardy enough to survive even extreme temperatures, especially if it’s covered with a layer of mulch.
  • The best time to mulch perennials is after the first hard freeze. Just make sure you don’t cover the crown or center of the plant, because that can lead to rot.
  • Clean garden tools before storing for the winter.
  • Trim dead branches out the trees to prevent them from coming down and causing damage in a winter storm.
  • Rake up the thick layers of leaves that settle on lawn surfaces. Large leaves in particular, especially when they get wet, can compact to the point where they suffocate the grass below and lead to all kinds of insect and disease problems. So it’s a good idea to routinely rake or blow them off the lawn or, better yet, use a mulching mower to shred them into fine pieces.
  • Put the raked leaves in the compost pile or use as a mulch. Whatever you do, don’t waste fallen leaves because they’re an excellent source of nutrients and organic matter. You can also add them to flower beds to put a winter blanket on your garden.
  • Fall is a good time to aerate your lawn; it will allow moisture and nutrients to get into the roots. When you’re done, spread fertilizer then grass seed.
  • This will be the ideal time to sow cool-season grasses such as fescue and rye – it will give them the opportunity to germinate and develop a good root system before freezing temperatures arrive. It’s also the right time to fertilize turf grasses, preferably with slow-release, all-natural fertilizer. When given adequate nutrients, turf grasses have the ability to store food in the form of carbohydrates during the winter months. That will mean a better-looking lawn come spring.

Check for Pests

  • Pests love attics because they are full of nice warm insulation for nesting, and they offer easy access to the rest of the house. With gable vents that lead into the attic it is a good idea to install a screen behind them to keep those critters out.
  • Even after closing off those entryways, pests can still find a way in. The first place to check for any unwanted guests is under the kitchen cupboards and appliances.

Safety Checks

  • Each fall, check carbon monoxide detectors and smoke alarms and put in fresh batteries. These are very important detectors to have in a home. A smoke alarm can save lives in a house fire. A carbon monoxide detector can also save lives if a home has oil or gas-burning appliances, like a furnace or water heater.
  • Carbon monoxide is an invisible, odorless byproduct of burning oil or natural gas, and it can be deadly. For just a few dollars, a carbon monoxide detector will sound an alarm if the levels get too high.
  • Always install carbon monoxide detectors according to manufacturer’s instructions. Generally they should be installed near each potential source of carbon monoxide, and within ear shot of the living and sleeping areas.
  • Have your wood-burning fireplace inspected, cleaned and repaired to prevent chimney fires and carbon monoxide poisoning.

Happy Fall Y’all!


August 2021 DFW Area Real Estate Stats

August 2021 North Texas real estate stats are out and we’ve got the numbers! Our stats infographics include a year over year comparison and area highlights for single family homes and condos broken down by MLS area. We encourage you to share these infographics and video with your sphere.

August 2021 is a wrap and the stats are out!  In reviewing the five counties of Collin, Dallas, Denton, Rockwall and Tarrant, new listings were down an average of 4.48% compared to 2020, while active listings were down almost 33%.  The days on market averaged out to 16, proving once again that the lack of inventory is still a factor in North Texas.  What is up are the average sales prices and thus the price per square foot with the highest gain in Dallas county, up 58.2% from last year.  The numbers don’t lie, we are still enjoying a strong seller’s market in the DFW Metroplex!  Happy Selling!

For more stats information, pdfs and graphics of our stats including detailed information by MLS area and condo stats, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.


Republic Title Lakewood’s 2021 Fundraiser Benefitting The Bridge Breast Network

In lieu of the annual Pink Party for a Cause, Republic Title Lakewood will be hosting a Donuts for Donations fundraiser on Thursday, October 7th from 7:30 am – 9:30 am. All funds raised will be donated to The Bridge Breast Network, whose mission is to save lives by providing access to diagnostic and treatment services for breast cancer to low income, uninsured and underinsured individuals.

Thursday, October 7th | 7:30 am – 9:30 am

Republic Title Lakewood
6348 Gaston Ave
Dallas, TX 75205

For more details on the event, click here.

For more information on The Bridge Breast Network, visit


Celebrating National Hispanic Heritage Month in North Texas

September 15th marks the first day of National Hispanic Heritage Month, which celebrates the history, culture and contributions of Hispanic Americans. There are no shortage of festivals and activities across the metroplex in the coming weeks to celebrate.

Here are a couple of event lists to check out!

From Dallas News:

From Visit Dallas:

National Hispanic Heritage Month runs September 15th to October 15th each year. To learn more about Hispanic Heritage Month visit:

National College Colors Day

Today is National College Colors Day, so it’s the perfect day to kickoff the college football season with our handy list of game times for *most* of your favorite area teams, all in one place!

Reach out to your Business Development Rep for hardcopies and feel free to share!

For more DFW area resources like this one, perfect for sharing to social and in email, head to that section on our website:


The Real Deal Part 4: Winning More and More Deals

We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. This class will be taught by Janet Allen and Shaun Neidigh and will cover lead generation, winning listing appointments, prospect and client follow-up and more.

The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. This class will be taught by Janet Allen and Shaun Neidigh and will cover lead generation, winning listing appointments, prospect and client follow-up and more. The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: