We are proud to announce that we have won the Readers’ Choice award by Living Magazine for Best Title Company in Coppell & North Irving, Frisco & Plano, Keller, McKinney & Allen, Northeast Tarrant County, and Richardson & Murphy! Thank you to our valued customers for trusting us with your title and escrow needs. To see all the 2023 winners visit: Living Magazine – The Leading Lifestyle Brand in Texas – Best Of 2023
July 2023 brought distinct trends to the real estate markets of Collin, Dallas, Denton, Rockwall, and Tarrant Counties. Collin and Dallas Counties experienced an 18% decrease in new listings, coupled with increased days on the market (63% and 65% respectively).
While average sales prices surged in Dallas County (8%), Collin County witnessed a 5% rise in price per square foot, offset by slight decreases in average sales price and number of sales. Denton County faced a significant 24% decline in new listings, accompanied by a notable 119% increase in days on the market.
Although average sales prices and price per square foot increased (2% and 4% respectively), sales decreased by 7%. Rockwall County encountered reduced new listings (13%) and an extended period on the market (68%). While active listings rose (4%), average sales prices dropped by 11.5% and the number of sales decreased by 14%. Tarrant County saw a 23% decline in new listings and a substantial 113% rise in days on the market. Active listings decreased by 2.6%, average sales prices dipped by 1.3%, and the price per square foot increased by 2.5%, resulting in a significant 12.7% reduction in the number of sales.
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.
Contrary to investors’ fears, the “housing bubble” did not burst. Instead, a harmonious decline in both supply and demand has struck a balance, resulting in a boost to the housing median price. Throughout the first half of 2023, Texas’ median price has consistently shown a 0.3-0.4 percent growth every month. Due to current owners’ reluctance to sell their existing property, the demand for new construction has significantly increased. This preference shift led to a swift climb in the market share of new construction, which surpassed 20 percent in June.
The number of active listings rose for the first time since November 2022, reaching 82,064 units after a 3.9 percent month-over-month (MOM) growth. However, none of the Big Four metros recorded a positive monthly gain. The boost of available homes primarily came from the smaller housing markets, such as El Paso, Killeen, Midland, and Texarkana. The number of new listings increased by 6.7 percent to 40,800 units, accounting for half of active listings. All major metros bucked the trend of acceleration with growth ranging from 3.3 percent to 8.9 percent. Correspondingly, months of inventory (MOI) had a marginal gain of 0.1 months.
Regarding the upcoming inventories, Texas’ single-family construction permits had their second decline in three months, dropping by 2 percent in June. While the number of permit applications has significantly shrunk from the frenzy of applications during the pandemic, permit issuance seems to be returning to the ten-year trend before the pandemic.
At the metro level, Houston had the largest demand for permits with 4,500 issuances in June, maintaining the same level as in May. Dallas and Austin both had a mid-single-digit reduction, falling to 3,480 and 1,040 units, respectively. In contrast, San Antonio’s permit demand was rising this year, jumping from 500 units in January to 840 units in June. Permit demand remains significant in the Texas housing market.
Despite the fall in permits, single-family construction starts rose for the third consecutive month to 11,240 units. Both Dallas and Houston had more than 3,500 houses break ground, surpassing the combined total of other metros outside the “Big Four.” While the number of home projects in Austin (1,540 starts) outpaced San Antonio (804 starts), the gap has gradually narrowed as permit demand accelerated in San Antonio. The overall trend indicates a positive momentum in the Texas single-family construction market.
The state’s total single-family starts value reached $15.9 billion year-to-date (YTD), indicating a decline from $23.2 billion recorded in 2022. Houston and Dallas continue to account for more than half of the state’s construction activity values. Dallas’ share of the Texas market rose to 27.5 percent, coming close to Houston’s share of 28 percent.
As mortgage rates remain elevated, homebuyer demand has decreased, leading to a drop in Texas’ total home sales, which fell below 28,000 transactions in June (Table 1). This represented a decline of 3.2 percent MOM and 11.8 percent year over year (YOY). Among the four major metros that reported fewer monthly sales, Austin declined the most with a double-digit reduction.
Despite the challenge of high mortgage rates and reduced housing demand, the market share of new construction sales surged. Within a year, the share of new construction sales rose from 16.3 percent to more than 20 percent, indicating every five closed listings is a new home. Both demand and supply factors contributed to the increasing trend for new homes. The shortage of existing homes is due to current owners’ reluctance to give up their current homes, while the state’s consistent home demand, fueled by a growing population, is spurring new construction orders.
Texas’ average days on market (DOM) stayed at 56 for the second straight month, deviating from the steep rebounding trend observed for over a year. The current reading is merely three days short of the five-year average before 2020, which stood at 59 days. The consistent reading suggests that the housing market may have reached a state of equilibrium. Among the major metros, Austin and San Antonio both reported a DOM of 71 days, while Dallas and Houston had DOM figures of 52 days and 49 days, respectively.
Texas’ median home prices continued to show its strength by increasing 0.3 percent to $337,900 (Table 2). Austin recorded the largest monthly gain of 4.2 percent, reaching a price peak in the past nine months. The remaining three metros recorded changes of less than 1 percent.
Despite Austin’s price hike in June, this metro was still close to 10 percent below last year’s record high, facing the largest price gap. Meanwhile, Dallas, Houston, and San Antonio had less than 5 percent to bridge. These price drops indicate the real estate industry still has room to recover from the price correction observed in the second half of 2022.
The Texas Repeat Sales Home Price Index, which accounts for compositional price effects and provides a better measure of change in single-family home values, showed a slight advance of 0.3 percent MOM and 0.1 percent YOY. Houston had the highest annual appreciation with 1.6 percent YOY increase, while Austin remained balanced with no YOY changes.
Mortgage rates typically follow Treasury rates, and both increased in June. The ten-year U.S. Treasury Bond yield grew 18 basis points, reaching 3.8 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate increased moderately to 6.7 percent, up 28 basis points. With the Fed resuming their increasing of interest rates in July, both the bond and the mortgage rates also grew.
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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 Koby McMeans (August 15, 2023)
https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight
In celebration of Back to School season, we want to take this opportunity to highlight Republic Title’s teacher/trainer Annette Carvalho-Jordan. Annette has been teaching for over 25 years and is known as an industry expert in real estate, social media, marketing trends, and new technology to help real estate agents with their business. Join us as we “Meet the Teacher” with Annette and learn more about her favorite classes, funniest moment teaching, and her favorite tech tools.
Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood. With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.
Bishop Arts, located in the Oak Cliff neighborhood of Dallas, Texas, is a trendy and eclectic district known for its artistic vibe and unique character. It is home to a vibrant mix of boutiques, art galleries, cafes, and restaurants that showcase local talent and creativity. With its colorful murals, charming streets, and a lively atmosphere, Bishop Arts offers visitors a one-of-a-kind experience filled with shopping, dining, and cultural exploration.
Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts
POPULATION
AVERAGE HOUSEHOLD INCOME
MEDIAN AGE
HOUSING
AVERAGE SALES PRICE
• BISHOP ARTS THEATRE CENTER
• TASTE OF BISHOP ARTS DISTRICT TOUR
• 303 GRILL • BISHOP CIDER CO. • BOULEVARDIER •
• DUDE SWEET CHOCOLATE • EMPORIUM PIES • ESPUMOS CAFFE • ENO’S PIZZA TAVERN • HUNKY’S HAMBURGERS • NEIGHBORHOOD CELLAR • ODDFELLOWS • RED PEGASUS COMICS • STOCK & BARREL • TEN BELLS TAVERN • THE WILD DETECTIVES • TRIBAL ALL DAY CAFÉ • WHITEHALL EXCHANGE •
• AJ VAGABONDS
• ALL GOOD THINGS
• BISHOP STREET MARKET
• CIGAR ART
• FETE-ISH
• HOME ON BISHOP
• HARKENSBACK
• INDIGO
• LAUGHING WILLOW
• M’ANTIQUES
• {NEIGHBORHOOD}
• OASIS PLANT SHOP
• SOCIETY
• WE ARE 1976
• DOWNTOWN DALLAS | 12 MINUTES
• DALLAS LOVE FIELD AIRPORT | 32 MINUTES
• DFW INTERNATIONAL AIRPORT | 35 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 25 MINUTES
• DOWNTOWN FORT WORTH | 45 MINUTES
Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in August for classes including:
It’s All Foreign to Me
This class will cover many areas of a transaction involving a non-US citizen including Foreign Investors Real Property Tax Act (FIRPTA), Foreign Wills, Mexican Matricula Consular and Foreign Acknowledgments.
August 8th
10:00 am – 11:00 am
Zoom
Matrix MLS – Auto Emails, Contacts, Client Portals
Join us for an in-depth overview of setting up automatic emails based on your client’s custom search, manage emails/contacts as well as client portals in the Matrix MLS System.
August 10th
10:00 am – 12:00 pm
Zoom
DFW Stats and Trends at Your Fingertips
Successful agents know their local markets. Whether used in a casual meeting, a listing presentation or on social media, knowing how to produce market reports is essential. Join us to learn how to generate current and relevant monthly/annual stats using all the tools available to you through NTREIS.
August 15th
10:00 am – 11:00 am
Zoom
Home Surveillance-Legal Issues
Join us for this class which focuses on the specifics of home surveillance and potential legal issues that arise from unlawful recordings of video or audio or both when an agent is showing a house or listing a house.
August 17th
10:00 am – 11:00 am
Zoom
Death, Divorce & Real State
Join us to learn important laws surrounding death and divorce such as separation, homestead issues, community property and probate.
August 17th
12:00 pm – 1:00 pm
Republic Title Prosper Office
Incredible Canva Tips and Tricks
Boost your listings and properties easily and efficiently using Canva’s beautiful real estate templates. Join us to learn new tips and tricks to make designing even easier and make marketing one of your new favorite tasks!
August 17th
10:00 am – 11:00 am
Republic Title Castle Hills Office
Attract New Clients Using MLS Tools
Join us and discover a number of ways to use the tools provided by the MLS to help with consumer interest which can likely turn into sales and full-fledged customers.
August 17th
12:00 pm – 2:00 pm
Republic Title Castle Hills Office
Creative Financing Pitfalls in a High Interest Rate Market
All licensees must be prepared to handle aspects of special types of financing. This class focuses on the specifics of alternative types of financing such as Seller Financing, Loan Assumption, and Lease to Own and discusses types of financing to avoid.
August 24th
10:00 am – 11:00 am
Zoom
Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood. With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.
Arlington is a vibrant city located between Dallas and Fort Worth. Known as the “Entertainment Capital of Texas,” Arlington is home to major attractions such as Six Flags Over Texas and AT&T Stadium, where the Dallas Cowboys play. The city also boasts a thriving cultural scene, with museums, theaters, and a lively downtown area, making Arlington a hub of excitement and entertainment.
Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts
POPULATION
AVERAGE HOUSEHOLD INCOME
MEDIAN AGE
HOUSING
AVERAGE SALES PRICE
• SIX FLAGS OVER TEXAS
• AT&T STADIUM
• GLOBE LIFE FIELD
• HURRICANE HARBOR
• VILLAGE CREEK NATURAL AREA
• DALWORTHINGTON GARDENS
• ARLINGTON MUSEUM OF ARTS
• ALLEY CATS ENTERTAINMENT
• EPIC WATERS INDOOR WATERPARK
• UTA PLANETARIUM
• VANDERGRIFF ENTERTAINMENT PARK
• CAMPE VERDE • TEXAS LIVE • DIVISION STREET DINER •
• ISTANBUL GRILL • DIVISION BREWERY • DINO’S SUBS •
• TASTE OF EUROPE • PICCOLO MONDO • SUSHI DOMO •
• MERCURY CHOPHOUSE • THE TIPSY OAK • J R BENTLEY’S •
• BUTTERMILK SKY PIE SHOP • MARIANO’S HACIENDA •
• J GILLIGANS BAR & GRILL • LOCKHART SMOKEHOUSE •
• HURTADO’S BBQ • J R BENTLEY’S • BFF ASIAN GRILL •
• ANYTHING GOES • PARK ROW GIFT SHOPS •
• GRACIE LANE BOUTIQUE • HANK & ELLIE •
• ATTIC SALT GIFT SHOP • ARLINGTON HIGHLANDS •
• WONDROUS WORKS IN WOOD • WILDFIRE & LACE •
• DOWNTOWN DALLAS | 27 MINUTES
• DALLAS LOVE FIELD AIRPORT | 29 MINUTES
• DFW INTERNATIONAL AIRPORT | 19 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 7 MINUTES
• DOWNTOWN FORT WORTH | 21 MINUTES
AIRFIELD FALLS – FORT WORTH, TX
Fort Worth’s only natural waterfall! The falls are newly accessible to the public thanks to the opening of the Airfield Falls Trailhead and Conservation Park near the Naval Air Station in Fort Worth.
BALMORHEA STATE PARK – BALMORHEA, TX
60 miles west of Fort Stockton, Balmorhea State Park is the home of the largest spring- fed pool in the world.
BARTON SPRINGS POOL – AUSTIN, TX
Set in Austin’s Zilker Park, Barton Springs Pool is a massive three-acre, clear water swimming hole that’s a mild 70-degrees year-round.
BLANCO STATE PARK – BLANCO, TX
Set along the Blanco River, there’s a wading pool with cascading weir dams and a fishing spot best for catching largemouth bass and rainbow trout.
BLUE HOLE – GEORGETOWN, TX
Blue Hole is a lagoon located in a scenic park lined by limestone bluffs on the South San Gabriel River.
BLUE HOLE – WIMBERLEY, TX
Fed by the springs of the San Gabriel River and open all year, the water is fringed by gnarled Cypress trees which provide both shade and rope swings.
BOB WENTZ PARK AT WINDY POINT – AUSTIN, TX
Lounging with the kids by the shoreline, scuba diving, and windsurfing are popular activities at Windy Point. It’s a big park with plenty of parking and space for everyone.
BOYKIN SPRINGS – ZAVALLA, TX
A refreshing waterfall and swimming area on Boykin Creek greets travelers about a mile down the Sawmill Hiking Trail of Boykin Springs Recreation Area.
BURGER’S LAKE – FORT WORTH, TX
This man-made, spring-fed hidden gem in Fort Worth features high dives, rope swings, multistory slides and plenty of shade to stay cool.
COMAL RIVER – NEW BRAUNFELS, TX
While the Comal and Guadalupe Rivers are great places to cool off in their own right, the City Tube Chute adds an extra dimension to your water-based fun and is the epicenter for Texas tubing.
DEEP EDDY POOL – AUSTIN, TX
Deep Eddy Pool is a historic, man-made swimming pool on the Colorado River. It became a resort in the 1920s, and today is a popular public swimming pool operated by the City of Austin.
GARNER STATE PARK – CONCAN, TX
Located on the Frio River, here you’ll find swimming, fishing, paddling, and tubing. There are also 11 miles of scenic hiking trails for those who prefer to work up a sweat before diving in.
GUADALUPE RIVER STATE PARK – SPRING BRANCH, TX
In the Texas Hill Country north of San Antonio, Guadalupe River State Park encompasses a nine-mile stretch of the Guadalupe River, offering park visitors plenty of swimming, tubing, and canoeing opportunities.
HAMILTON POOL – DRIPPING SPRINGS, TX
The emerald-green grotto looks like a tropical oasis with a 50-foot waterfall cascading from the cave. It is part of the 32,000-acre Balcones Canyonlands National Wildlife Refuge.
JACOB’S WELL – WIMBERLEY, TX
A quintessential example of Central Texas aquifer and spring formations, Jacob’s Well Natural Area gives visitors the unique opportunity to swim directly in an artesian spring.
KRAUSE SPRINGS – SPICEWOOD, TX
Located 45 minutes northwest of Austin, Krause Springs is an inlet off the Colorado River that encompasses two large swimming holes with picturesque waterfalls and rope swings for the kids.
MCKINNEY FALLS – AUSTIN, TX
The 10-foot drop at the upper falls is a popular spot to jump into the peaceful swimming hole below. The state park also features bouldering, mountain biking and the popular Rock Shelter Interpretive Trail.
PARADISE CANYON – RIO MEDINA, TX
Located a short drive away from San Antonio, Paradise Canyon is the ideal location for swimming, tubing, fishing and camping.
PEDERNALES FALLS – JOHNSON CITY, TX
Shallow rapids, limestone gorges, and calm waterfalls make up this section of the Pedernales River, an hour west of Austin. You can also enjoy kayaking, horseback riding, and mountain biking around the park.
SAN MARCOS RIVER – SAN MARCOS, TX
If you want to try snorkeling in the middle of Texas, this would be the place. It’s great for paddling, including some whitewater after a good rain, but when the water’s moving slower, it’s a top swimming destination.
THE TEXAS POOL – PLANO, TX
Swim from Dallas to El Paso in just seconds in The Texas Pool; a man-made pool shaped like Texas, as the name suggests.
TONKAWA FALLS – CRAWFORD, TX
Near Waco, Tonkawa Falls is located in Tonkawa Falls City Park and is full of natural beauty and history alike.
For more seasonal resources like this, head to our website at DFW Area Resources | Republic Title of Texas
Click here for print version
The Dallas real estate market has seen fluctuations in different counties, as of the latest available data. In Collin County, new listings have declined by 21.5%, with closed sales down by 3.7%, and the median sales price experiencing a 5.1% decrease. Similarly, Dallas County has witnessed a decline of 19.3% in new listings, a significant drop of 12.1% in closed sales, and a minor decrease of 0.8% in the median sales price.
Denton County, on the other hand, has experienced a decrease of 19.7% in new listings, while closed sales have surprisingly increased by 1.2%. However, the median sales price in Denton County has still seen a downturn of 1.2%. Tarrant County has seen the steepest decline in new listings at 22.6%, coupled with a significant drop of 10.2% in closed sales and a median sales price decrease of 4.3%. Lastly, Rockwall County has experienced a substantial decline of 25.2% in new listings, a notable drop of 19.5% in closed sales, and a 2.2% decrease in the median sales price.
Overall, these statistics indicate varying trends in the Dallas real estate market, with some counties witnessing significant declines in both new listings and closed sales, while others show mixed results. The changes in median sales prices are also noteworthy, showcasing the complexities and challenges the local real estate market is currently facing. As the market continues to evolve, it will be essential for potential buyers and sellers to stay informed with the most up-to-date data and trends from Realtor professionals to make informed decisions in this dynamic environment.
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.
