Texas-Housing-Insight-February-2023

Texas Housing Insight February 2023 Summary

February’s housing market shows 2023 has returned to normal seasonal trends, something not experienced since 2019. Housing sales are back on trend with increases for the month, as are construction starts and permits. Rebounding to pre-pandemic levels means sales and construction activity are still decreased compared with the previous two years. This is likely due to inflated mortgage rates and high inflation. Days on market (DOM) increased across all major metros as inventory rose because of deflated demand. All of these factors point to a cooling housing market and a return to form.

Supply* Rises as Inventory Gains Ground

Single-family construction permits reversed their course for February, gaining significant ground with a 17 percent increase month over month (MOM). All four major metros contributed to the statewide rise, as they all had positive gains for February. Houston led the way with a 33 percent increase over last month (3,793 permits), while Austin lagged the rest with a 0.7 percent gain (1,160 permits).

Construction generally hits a seasonal low in December, and peaks in March or June. Single-family construction starts are following this trend with a seasonally adjusted MOM increase of almost 2 percent. December’s low point reached levels not seen since 2015, due in large part to the drastic increase in mortgage rates. March starts, around 9,200 according to Dodge Data & Analytics, pale in comparison to the previous two March levels, which were record-breaking peaks at the time.

The state’s total single-family starts value reached $4.3 billion in February, down from $7.5 billion in February 2022. Houston and Dallas-Fort Worth (DFW) are responsible for more than half of that. Houston continues to account for the largest portion of Texas’ construction values with 29 percent of the market share. DFW accounts for 25 percent.  Austin and San Antonio remained on par with previous years’ market percentage shares.

February’s active listings continued their upward trend since March 2022 after having slowed in the past two months, when the metric fell to 91,000 units after seasonal adjustment. Although, these levels are still lower than pre-pandemic listing levels. Additionally, despite the small dip last month, months of inventory (MOI) returned to an upward trend as inventory levels reached three months. Austin’s MOI fell to just below three months. Dallas followed a similar trend, with MOI dropping to 2.2 months. Meanwhile, Houston and San Antonio bolstered the state with increases, raising the overall months of inventory.

Demand Increases as Sales and Prices Jump

Housing demand started the new year with an upward trend, as sales volume expanded for two consecutive months. Total home sales had a strong boost of 7.8 percent MOM, doubling last month’s 3.7 percent growth. Sales gained more than 2,000 transactions in a month, marching upward to a seasonally adjusted rate of 29,728 closings. Austin and Houston, the two metros that had their great rebound in January, stayed flat this month (Table 1). Meanwhile, Dallas and San Antonio spiked up. Dallas’ 17.1 percent growth brought more than 1,200 additional homes under contract in February.

Sales across all price cohorts continued to follow their normal seasonal cycle with sales increasing through all price cohorts. Homes in the $300K-$400K range remain at the epicenter of the market, making up 28 percent of Texas sales. This constitutes a 2 percent increase in market share for this price cohort over February 2022. DFW increased its market share by a similar 2 percent this month in the same cohort, as the other metros stayed on course with YOY market shares. Despite sales activity picking up, Texas’ average DOM steadily advanced four days in 2023 to 56 days. Compared with the five-year average of 59 days before 2020, the housing market is fast approaching historic norms. Austin posted a ten-year record of 71 days this month, the longest market time since 2013. This is a major swing from the intense market conditions from just a year ago.

Austin homes’ time on market uniformly lengthened across all price cohorts, while other metros had mixed trends. Among the homes valued above $400K, Austin’s DOM ranged from 57 to 69 days, at least ten days longer than the corresponding cohort in the DFW market. Houston homes in the $750K and above price cohort were in a hot market, staying on market only one day longer than homes below $200K.

Prices Flatten as Rates Remain High 

Texas’ median home price mostly stayed flat from the previous month, and only 0.6 percent higher than a year ago (Table 2). However, home prices did fall in Austin with 4.6 percent MOM and 12.2 percent YOY decreases. Dallas and San Antonio still saw low-single-digit price growth from a year ago.

The ten-year U.S. Treasury bond yield reversed the dwindling trend and marched upward 22 basis points to 3.8 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate saw the fourth consecutive moderation since November, falling to 6.3 percent.

High mortgage rates have discouraged many homebuyers, driving demand down over the past year. The Texas Repeat Sales Home Price Index accounts for compositional price effects and provides a better measure of changes in single-family home values. Texas’ index gained 3.1 percent MOM. Austin stood out with an 8 percent YOY decrease. The other four metros had minor single-digit YOY increases, indicating possible price normalization.

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

Source – Joshua Roberson, Weiling Yan, and John Shaunfield (April 19, 2023)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight

Earth Day 2016

History of Earth Day

Earth Day was founded in 1970 as a day of education about environmental issues, and Earth Day 2019 occurs on Monday, April 22. The holiday is now a global celebration that’s sometimes extended into Earth Week, a full seven days of events focused on green living. The brainchild of Senator Gaylord Nelson and inspired by the protests of the 1960s, Earth Day began as a “national teach-in on the environment” and was held on April 22 to maximize the number of students that could be reached on university campuses. By raising public awareness of pollution, Nelson hoped to bring environmental causes into the national spotlight.

Earth Day History

By the early 1960s Americans were becoming aware of the effects of pollution on the environment. Rachel Carson’s 1962 bestseller “Silent Spring” raised the specter of the dangerous effects of pesticides on America’s countrysides. Later in the decade, a 1969 fire on Cleveland’s Cuyahoga River shed light on the problem of chemical waste disposal. Until that time, protecting the planet’s natural resources was not part of the national political agenda, and the number of activists devoted to large-scale issues such as industrial pollution was minimal. Factories pumped pollutants into the air, lakes and rivers with few legal consequences. Big, gas-guzzling cars were considered a sign of prosperity. Only a small portion of the American population was familiar with–let alone practiced–recycling.

Did you know? A highlight of the United Nations’ Earth Day celebration in New York City is the ringing of the Peace Bell, a gift from Japan, at the exact moment of the vernal equinox.

Elected to the U.S. Senate in 1962, Senator Gaylord Nelson, a Democrat from Wisconsin, was determined to convince the federal government that the planet was at risk. In 1969, Nelson, considered one of the leaders of the modern environmental movement, developed the idea for Earth Day after being inspired by the anti-Vietnam War “teach-ins” that were taking place on college campuses around the United States. According to Nelson, he envisioned a large-scale, grassroots environmental demonstration “to shake up the political establishment and force this issue onto the national agenda.”

Nelson announced the Earth Day concept at a conference in Seattle in the fall of 1969 and invited the entire nation to get involved. He later recalled, “The wire services carried the story from coast to coast. The response was electric. It took off like gangbusters. Telegrams, letters and telephone inquiries poured in from all across the country. The American people finally had a forum to express its concern about what was happening to the land, rivers, lakes and air—and they did so with spectacular exuberance.” Dennis Hayes, a young activist who had served as student president at Stanford University, was selected as Earth Day’s national coordinator, and he worked with an army of student volunteers and several staff members from Nelson’s Senate office to organize the project. According to Nelson, “Earth Day worked because of the spontaneous response at the grassroots level. We had neither the time nor resources to organize 20 million demonstrators and the thousands of schools and local communities that participated. That was the remarkable thing about Earth Day. It organized itself.”

On April 22, rallies were held in Philadelphia, Chicago, Los Angeles and most other American cities, according to the Environmental Protection Agency. In New York City, Mayor John Lindsay closed off a portion of Fifth Avenue to traffic for several hours and spoke at a rally in Union Square with actors Paul Newman and Ali McGraw. In Washington, D.C., thousands of people listened to speeches and performances by singer Pete Seeger and others, and Congress went into recess so its members could speak to their constituents at Earth Day events.

The first Earth Day was effective at raising awareness about environmental issues and transforming public attitudes. According to the Environmental Protection Agency, “Public opinion polls indicate that a permanent change in national priorities followed Earth Day 1970. When polled in May 1971, 25 percent of the U.S. public declared protecting the environment to be an important goal, a 2,500 percent increase over 1969.” Earth Day kicked off the “Environmental decade with a bang,” as Senator Nelson later put it. During the 1970s, a number of important pieces of environmental legislation were passed, among them the Clean Air Act, the Water Quality Improvement Act, the Endangered Species Act, the Toxic Substances Control Act and the Surface Mining Control and Reclamation Act. Another key development was the establishment in December 1970 of the Environmental Protection Agency, which was tasked with protecting human health and safeguarding the natural environment—air, water and land.

Since 1970, Earth Day celebrations have grown. In 1990, Earth Day went global, with 200 million people in over 140 nations participating, according to the Earth Day Network (EDN), a nonprofit organization that coordinates Earth Day activities. In 2000, Earth Day focused on clean energy and involved hundreds of millions of people in 184 countries and 5,000 environmental groups, according to EDN. Activities ranged from a traveling, talking drum chain in Gabon, Africa, to a gathering of hundreds of thousands of people at the National Mall in Washington, D.C. Today, the Earth Day Network collaborates with more than 17,000 partners and organizations in 174 countries. According to EDN, more than 1 billion people are involved in Earth Day activities, making it “the largest secular civic event in the world.”

 

source: www.history.com

March 2023

March 2023 DFW Area Real Estate Stats

March 2023 stats are in and we have the numbers! The North Dallas real estate market is seeing some interesting trends! Active listings in Collin, Denton, and Rockwall counties are up over 50% from last year, while the price per square foot has fallen across all counties. This means there are more options available for homebuyers looking to make a move in 2023. Interestingly enough, the list prices have fallen ever so slightly in all counties except Rockwall. Does this signal a shift to a more buyer-friendly market? Inventory will be the deciding factor, so stay tuned for stats this summer to see!

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, 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.

blog-graphic

Republic Title Classic

Republic Title recently hosted its second annual golf tournament, The Republic Title Classic, which was a huge success! The event took place on April 3rd at Bent Tree Country Club in Dallas and was attended by dozens of enthusiastic golfers.

The day started off with a delicious breakfast, which was followed by a shotgun start. Participants were grouped into teams of four and played a round of golf on the beautiful Bent Tree Course. The tournament used a scramble format, which allowed players of all skill levels to compete and enjoy the game.

After the round, players enjoyed a reception at the country club while the scores were tallied. The top teams were recognized with prizes and awards, but more than that it was about spending the day with our amazing customers, industry colleagues and sponsors.

The event was not only a fun day on the golf course, but it was also an opportunity for Republic Title to bring people together and strengthen relationships within the community. We even had a hole-in-one from one of the tournament players! A special thank you to our fantastic sponsors, Black Tie Moving, Gordan Highlander, First United Mortgage, CBG Surveying and Sport City Toyota. Thank you for your partnership!

Republic Title’s golf tournament was a great success, and everyone who participated had a wonderful time. It was a great way to enjoy a beautiful day on the golf course and connect with others in the community. We can’t wait to see what Republic Title has in store for next year’s tournament!

To view the photos from the event, visit the Facebook album here: Republic Title Classic Photos

DFW Area Dog Parks

National Pet Day

If you’re a dog owner in the Dallas area, you’re in luck! The city is home to many fantastic dog parks where you and your furry friend can enjoy some fresh air, exercise, and socialization. Whether you’re looking for a spot to play fetch, run around, or simply relax, there’s a dog park in DFW that’s perfect for you. In this blog post, we’ll be listing out all the dog parks in the Dallas area, so you can find the one that’s closest to you or try out a new location. So grab your leash and let’s get started!

ALLEN

Mutts Canine Cantina
1070 Watters Creek Blvd., Allen, TX 75013

ARLINGTON

Rush Creek Dog Park
1900 Valleywood Dr., Arlington, TX 76013

Tails N Trails Dog Park
950 SE Green Oaks Blvd., Arlington, TX 76018

BEDFORD

Bedford Bark Park Dog Park
3200 Meadow Park Dr., Bedford, TX 76021

COPPELL

Waggin Tails Park (Formerly Coppell Dog Park)
400 S MacArthur Blvd., Coppell, TX 75019

DALLAS

Barry Annino Dog Park (Formerly Bark Park Central)
2530 Commerce St., Dallas, TX 75226

Central Dog Park
4711 Westside Dr., Dallas, TX 75209

Meadows Foundation Dog Park
1100 Skiles St., Dallas, TX 75204

My Best Friend’s Dog Park – Klyde Warren Park
2012 Woodall Rodgers Fwy., Dallas, TX 75201

Main Street Garden Urban Dog Run
1900 Main St., Dallas, TX 75201

NorthBark
4899 Gramercy Oaks Dr., Dallas, TX 75287

Wagging Tail
5841 Keller Springs Rd., Dallas, TX 75248

White Rock Lake Dog Park
8000 E. Mockingbird Ln., Dallas, TX 75218

DENTON

Wiggly Field Dog Park
1760 E. Ryan Rd., Denton, TX 76210

FLOWER MOUND

Lakeside Dog Park at Heritage Park
41047281, Flower Mound, TX 75022

Hound Mound Dog Park
1202 S. Garden Ridge Blvd., Flower Mound, TX 75028

FRISCO

Ruff Range Dog Park
5335 4th Army Memorial Rd., Frisco, TX 75034

FORT WORTH

Fort Woof Dog Park
751 Beach St., Fort Worth, TX 76111

Z Boaz Dog Park
6950 Camp Bowie W Blvd., Fort Worth, TX 76116

GRAND PRAIRIE

Central Bark Dog Park at Veterans Park
7445, 2222 W Warrior Trail, Grand Prairie, TX 75052

IRVING

Irving Dog Park
4140 Valley View Ln, Irving, TX 75038

LEWISVILLE

Railroad Park
4140 Valley View Ln, Irving, TX 75038

MCKINNEY

Bonnie Wenk Dog Park
2996 Virginia Pkwy, McKinney, TX 75071

PLANO

Jack Carter Dog Park
2215 Pleasant Valley Dr, Plano, TX 75023

RICHARDSON

Bush Central Barkway
3581 N Central Expy, Richardson, TX 75023

ROCKWALL

Harry Myers Dog Park
815 E Washington St, Rockwall, TX 75087

SOUTHLAKE

BooBoo’s Buddies Dog Park at Bob Jones Park
3901 N White Chapel Blvd, Southlake, TX 76092

For this and other helpful DFW area information, please visit our Resource Section.

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DFW Area Golf Courses

The weather is perfect to hit the golf course. Here is a list of DFW Area Golf Courses that we have put together.

Bear Creek Golf Club
3500 Bear Creek Ct., DFW Airport
Bearcreek-golf.com

Bent Tree Country Club
5201 Westgrove Dr., Dallas
Benttreecc.org

Bridlewood Golf Club
4000 W. Windsor Blvd., Flower Mound
Bridlewoodgolf.com

Brookhaven Country Club
3333 Golfing Green Dr., Farmers Branch
Clubcorp.com/clubs/brookhaven-country-club.com

Brook Hollow Golf Club
8301 Harry Hines Blvd., Dallas
Brookhollowgc.org

Buffalo Creek Golf Club
624 Country Club Dr., Rockwall
buffalocreekgc.com

Canyon Creek Country Club
625 W. Lookout Dr., Richardson
Canyoncreekclub.com

Cedar Crest Golf Course
1800 Southerland, Dallas
Golfcedarcrest.com

Cottonwood Valley
4150 N MacArthur Blvd, Irving
cottonwoodvalley.com

Cowboys Golf Club
1600 Fairway Dr., Grapevine
Cowboysgolfclub.com

Coyote Ridge
1640 West Hebron Pkwy., Carrollton
Coyoteridgegolfclub.com

Dallas Country Club
4155 Mockingbird Ln., Dallas
Thedallascc.org

Dallas Firewheel Golf Park
600 W Campbell Rd., Garland
Golffirewheel.com

Dallas National Golf Club
1515 Knoxville, Dallas
Dallasnationalgolfclub.com

El Dorado Country Club
2604 Country Club Dr., McKinney
Eldoradocc.com

Frisco Lakes Golf Club
7170 Anthem Dr., Frisco
Friscolakesgc.com

Gentle Creek Country Club
3131 Prosper Tr., Prosper
Gentlecreek.com

Gleneagles Country Club
5401 W. Park Blvd., Plano
clubcorp.com/Clubs/Gleneagles-country-club.com

Grapevine Golf Course
3800 Fairway Dr., Grapevine
grapevinegc.com

Golf Club of Dallas
2200 W. Red Bird Ln., Dallas
Golfclubdallas.com

hackberry creek country club
1901 W Royal Ln, Irving
clubcorp.com/clubs/hackberry-creek-country-club

Heritage Ranch Country Club
465 Scenic Ranch Cir., Fairview
Heritageranchgolf.com

Indian Creek Golf Club
1650 W. Frankford Rd., Carrollton
Indiancreekgolfclub.com

Irving Golf Club
2000 East Shady Grove Rd., Irving
Irvinggolfcourse.org

Keeton Park Golf Course
2323 Jim Miller Rd., Dallas
Keetonpark.com

Lake Park Golf Course
6 Lake Park Rd., Lewisville
Lakeparkgc.com

Lakewood Country Club
6430 Gaston Ave., Dallas
Lakewoodcc.com

Las Colinas Country Club
4400 N. O’Connor Rd., Las Colinas
clubcorp.com/Clubs/las-colinas -country-club.com

Luna Vista
11223 Luna Rd., Dallas
twincreeksgolf.com

Mansfield National
3750 National Pkwy., Mansfield
mansfield-national.com

Maridoe Golf Club
2020 Kelly Blvd., Carrollton
Maridoe.com

Meadowbrook Golf Course1
851 Jenson Rd., Ft. Worth
Fortworthgolf.com

Northwood Country Club
6524 Alpha Rd., Dallas
Northwoodclub.org

Oak Hollow Golf Course
3005 N. McDonald St., McKinney
Oakhollowgc.com

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