HousingInsightMay2024

Texas Housing Insight May 2024

All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month-over-month, unless stated otherwise. Data are current as of June 22, 2024.

Housing activity for both new and existing homes decreased in May. Despite a rise in active listings, home prices remained the same at $340,000 for the second month in a row.

Slow Home Sales for May

Texas witnessed a 4.2 percent decrease in total seasonally adjusted home sales month over month (MOM), resulting in 27,845 homes sold (Table 1). Austin and Dallas experienced decreases of 4.5 percent (2,731) and 2.4 percent (7,920), respectively. However, San Antonio and Houston experienced slight increases of 1.7 percent (3,049) and 1 percent (7,623). Overall, there has been a significant downward trend for sales compared with the past few years.

New listings have been steadily increasing, although there is a slight drop of 2.9 percent (45,878) in May. Among the Big Four, San Antonio experienced the only increase at 6.4 percent. Austin saw the largest decline at 13.3 percent while Dallas dropped 6.6 percent. Houston’s new listings were relatively unchanged. 

The state’s average days on the market (DOM) remained unchanged at 57. Austin and San Antonio each fell by two days while Dallas has remained at 50 days for two months. San Antonio continues to have the highest days on market among the Big Four with 71 days followed by Austin at 65 and Houston and Dallas have continued to average 50. 

The number of active listings went up from 111,053 to 116,404 (4.8 percent). The level of active listings increased across three of the Big four with Dallas (7.3 percent) and Austin (6.3 percent) leading the way with 26,758 and 11,604 listings, respectively.

Pending listings during May have been on a decline of 7.5 percent. All the Big Four except Houston experienced a substantial decline during this month. San Antonio pending listings fell the most dropping 10.6 percent followed by DFW and Austin dropping 8.4 and 7.8 percent, respectively. Houston was the only major city that experienced an increase in pending listings of less than 1 percent. The slowdown in sales and pending listings have contributed to the higher-than-normal active listing count.

Interest Rates Dip Slightly

Treasury and mortgage rates remain below their peak 2023 levels but have been increasing since the start of the year. The average ten-year U.S. Treasury Bondyield fell six basis points to 4.48 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell by two basis points to 7.52 percent.

Housing Highlight

Outside of Hurricane Harvey (and a data anomaly in June 2019), Houston’s single-family housing starts were relatively stable month to month during the 2010s, exhibiting a slight downturn during the 2015 oil bust followed by a steady upward trend in the latter half of the decade. Figure 1 illustrates the trend breaks and increased volatility that characterized the COVID-19 pandemic and post-pandemic eras. Historically, low interest rates and a shift in preferences toward more living space (for both health concerns and work-from-home accommodations) fueled demand for single-family housing. Homebuilders, who also leveraged lower costs of financing, responded with a surge in single-family housing starts to levels not seen since the onset of the Great Recession.

The Federal Reserve’s interest-rate hike in March 2022 marks a transition in the post-pandemic period, when housing starts descended and bottomed out at decade-level lows. In the second half of 2023, however, Houston housing starts trended near pre-pandemic levels, and activity surged to a record-high in March 2024. Despite correcting downward from the spring-time surge, the volume of starts remained above pre-pandemic levels. Figure 2 plots the intra-year progression of single-family start totals, highlighting the current trajectory in context of pre-pandemic, COVID-19 pandemic, and post-pandemic economic conditions. Houston is on a record-setting pace for single-family housing starts in 2024, but economic disruptions from Hurricane Beryl and projections of a hyper-active hurricane season present headwinds and short-run uncertainty.

Single-Family Starts and Permit Declining

Texas’ number of single-family construction permits decreased by 2 percent MOM, reaching 13,539 issuances. San Antonio had the biggest monthly increase adding 1,048 permits or 9.7 percent. Houston had a slower month for permits with a decline of 15 (4,098) percent, following a big increase in April. Dallas decreased by a negligible 0.4 percent (4,207). Austin experienced a modest increase of 1.7 percent (1,409). 

Construction starts declined according to data from Dodge Construction Network. Seasonally adjusted single-family starts decreased by 3.09 percent MOM to 13,290 units. After a massive drop in April of 27 percent, there was a slight upward swing in single-family starts for Houston of 2.8 percent (4,452). Dallas dropped by 17.8 percent (3,451) while San Antonio and Austin reported modest increases of 3.2 percent (892) and 1.6 percent (1,420), respectively.

The state’s total value of single-family starts climbed from $11.8 billion in May 2023 to $16.65 billion in May 2024. Houston accounted for 36.4 percent of the state’s total starts value followed by Dallas with 26.4 percent. 

Home Prices Unchanged

Texas’ median home price has remained stable at approximately $340,000 for four months (Table 2). The prices have remained stable this month with San Antonio and Houston increasing by 0.4 percent and 0.2 percent, respectively. Austin and Dallas both have declined by 0.4 percent. Despite there being an increase in new listings and active listings, housing prices have remained resilient.  The Texas Repeat Sales Home Price Index (Jan 2005=100) grew 0.4 percent MOM and 2.2 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average, falling by 1.5 percent YOY.

Source: Texas Housing Insight | Texas Real Estate Research Center (tamu.edu)

BY JOSHUA ROBERSON, RHUTU KALLUR, and WESLEY MILLER (July 17, 2024)
 
Avoid-Common-Closing-Delays

How To Avoid Common Closing Delays

Purchasing a home is a monumental event, but the journey from signing the contract to receiving the keys can be fraught with potential delays. Understanding these common issues and taking proactive steps to deal with them can help ensure a smooth and timely closing. Republic Title understands the intricacies of the home-buying process, having served the North Texas real estate community for over 30 years. As the market leader in title insurance with 11 conveniently located residential offices across North Texas, Republic can be your trusted authority to guide you through these potential closing delays.

Loan Requirements

One of the most critical aspects of purchasing a home is securing a mortgage. The loan approval process involves several steps, and delays often occur when buyers fail to promptly respond to lender requests. Lenders require various documents, including income verification, tax returns, bank statements, and proof of employment. To keep your closing date on track, it’s essential to:

  1. Respond Promptly: Return all requested documents as quickly as possible. Delays in providing these documents can slow down the underwriting process, leading to a potential postponement of your closing date.
  2. Complete Required Tasks: Follow through on any additional tasks your lender asks you to complete. This might include clarifying information or providing additional documentation.
Matt Visinsky

By staying organized and responsive, you can help your lender process your loan efficiently, reducing the likelihood of delays.

As Matt Visinsky, Senior Residential Counsel at Republic Title, advises, “Timely communication with your lender is crucial. Delays in submitting documents or answering questions from your lender can cascade into significant setbacks in the closing timeline.”

Tax Information

During the title process, the title company will search the property tax records for any delinquent taxes or unearned tax exemptions. If unpaid taxes or unearned exemptions are discovered, the seller may need to work with the County Appraisal District and/or Tax Office to resolve these issues before closing. Failure to promptly address these issues can result in the closing being delayed until the unearned exemptions can be removed and any resulting supplemental tax bills issued. Ensuring all your taxes and exemptions are current can prevent this common delay.

Power of Attorneys

Common Closing Delays

Using a Power of Attorney (POA) at closing may be necessary if you or the other party cannot be present. It also adds additional steps and requirements that must be meticulously followed:

  1. Approval: The title company and lender (if there is one) must approve the POA before closing.
  2. Delivery: The original POA document must be delivered to the title company at or before closing, as it needs to be recorded with the County Clerk before other closing documents.
  3. Verification: On the day of closing, the title company must be able to contact you in order to verify that you are alive, well, and have not revoked the POA. To avoid closing delays please make sure that you have provided the title company with your contact information so they can reach you on the day of closing.

By ensuring these steps are followed, you can avoid delays related to POA issues.

Common Names

If you have a common surname it may be necessary for you to provide the title company with information or documentation to prove that certain liens do not apply to you and are in fact filed against someone else with the same name. Please be sure to respond to any questions or requests for documentation timely in order to avoid delays.

Marital Status

Common Closing Delays

In Texas, a community property state that also has constitutional homestead rights, marital status can impact the closing process:

  1. Single to Married: If you purchased the property when single but are now married, your spouse will need to join in signing the deed at closing due to Texas Homestead Laws, so plan accordingly.
  2. Divorced: If you acquired the property while you were married and are now divorced you may need to provide the title company with a copy of the divorce. Depending on the language contained in the divorce it may be necessary to have your ex-spouse sign a deed.

Addressing these marital status issues in advance helps ensure a smoother closing process. “Marital status changes can affect property rights and closing requirements, explains Visinsky. “Being proactive about these changes can prevent delays.”

Out of Town Mail-Outs

If a Remote Online Closing is not possible and closing documents must be sent to a party to be signed outside of the office of the title company, follow these tips to avoid closing delays:

  1. Exact Signatures: Sign all documents exactly as requested. Failure to do so may result in the lender requiring the parties to re-sign all closing documents.
  2. Proper Notarization: Ensure all documents are properly notarized. If documents are sent out of the country it may be necessary to make an appointment at a US embassy or consulate to have your documents notarized. In some cases it may be possible to have a local notary acknowledge the documents. If you will be out of the country please communicate that to the title company early so they can help to guide you through the process.

By following these guidelines, you can avoid delays related to out-of-town mail-outs.

Review Important Documents

Several important documents must be reviewed before closing, including the Survey, Title Commitment, HOA documents (if applicable), and the Closing Disclosure. It’s crucial to:

  1. Timely Review: Review these documents promptly upon receipt and ask any questions at that time.
  2. Alert for Errors: Inform your Realtor and the title company of any errors or discrepancies immediately.

Timely review and communication can help rectify any issues before they become roadblocks, ensuring a smoother closing process. Visinsky emphasizes, “Careful review of all documents is essential. Early identification of errors can prevent last-minute complications.”

By understanding and proactively addressing these common issues that can lead to closing delays, you can help ensure a more seamless home-buying experience. Choosing Republic Title as your title company means partnering with North Texas’ market leader in title insurance, with over 30 years of expertise in the real estate community. Stay organized, responsive, and communicative with your lender, title company, and Realtor to navigate the closing process efficiently. With Republic Title, you can avoid many of the common pitfalls that lead to delays, bringing you one step closer to owning your new home.

Source: Republic Title Tip: How to Avoid Common Closing Delays – CandysDirt.com

City fast Facts Website Thumbnail Graphics-15

Spotlight on Rockwall

Click here for a printable version of the Prosper Fast Facts and view all DFW Area Fast Facts here.

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.

Rockwall is a picturesque city located on the eastern shores of Lake Ray Hubbard. Known for its scenic beauty and small-town charm, Rockwall offers residents a tranquil environment with stunning lake views and a historic downtown area. With a strong sense of community, a vibrant arts scene, and a variety of outdoor recreational activities, Rockwall provides a balance of natural beauty and modern amenities, making it a desirable place to call home.

POPULATION

9.7K

AVERAGE HOUSEHOLD INCOME

$124K

MEDIAN AGE

39

HOUSING

77% OWN
23% RENT

AVERAGE SALES PRICE

$539K

AREA ACTIVITIES & FEATURES

• LAKE RAY HUBBARD
• BLASÉ FAMILY FARM
• HEMISPHERE BREWING COMPANY
• HISTORIC DOWNTOWN
• INCOGNITO WINERY
• PRAYER LAVENDER GARDEN
• ROSINI VINEYARDS
• SIREN ROCK BREWING COMPANY
• THE HARBOR ROCKWALL
• VINECRAFTERS WINERY

FAVORITE LOCAL DINING & DRINK SPOTS

• EDO JAPAN • BONAFIDE BETTIES PIE •
• JOE WILLY’S MARKET & GRILL • PIER 101 •
• THE OAR HOUSE • DODIE’S CAJUN AT THE
HARBOR • THE ROUNDABOUT • SIDEWAYS
BBQ • ZANATA • THE DOWNING BOTTLES &
BITES • HEIRLOOM KITCHEN • BASIL CAFE •

FAVORITE LOCAL SHOPPING

• THE MINT JULEP • SOUTHERN ROOTS •
• WREN & WILLOW • LITTLE TIPSY BOUTIQUE •
• THE KITSCHY CUPBOARD • HAZEL & OLIVE •
• THE SHOPPE ON GOLIAD • AVAREY •
• OLLIE MARIE BOUTIQUE • BOUTIQUE SWOON •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 35 MINUTES
• DALLAS LOVE FIELD AIRPORT | 50 MINUTES
• DFW INTERNATIONAL AIRPORT | 50 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 60 MINUTES
• DOWNTOWN FORT WORTH | 70 MINUTES

Texas-Swimming-Holes-2024

Texas Swimming Holes

Record heat is coming our way so we are giving you our top Texas Swimming Holes! Did you know Texas has some of the most scenic and unique swimming holes, including the largest spring-fed pool in the world? So stay cool and have a blast this weekend at one of these incredible spots! 
 
Click here for print version

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

 

Class-Calendar-Blog-Header

July Class Calendar

Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in July for classes including:

Top Ten Contract Addenda
Join us to review 10 of the most commonly utilized TREC contract addenda including Third Party Financing Addendum, Addendum for Backup Contract and more.
July 10th
10:00 am – 11:00 am
Zoom

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.
July 11th
10:00 am – 11:00 am
Republic Title Preston Legacy

TREC & Texas Realtor Form Changes
NEW TEXAS REALTORS® FORMS!
Join us for a review of the new and updated forms available in the Texas REALTORS® forms library starting June 24, 2024
These updates are in response to the proposed NAR Settlement and aim to:
• Ensure compliance with MLS policy changes when utilizing Texas REALTORS® forms
• Enhance clarity and transparency in broker compensation practices
• Allow for flexibility in accommodating different business and compensation models
July 11th
10:00 am – 11:00 am
Zoom

Elevate Your Marketing Magic using RPR
Are you ready to transform your real estate marketing game and captivate your audience like never before? In this cutting-edge course, we reveal the true power of RPR®’s (REALTORS PROPERTY RESOURCE ®) marketing resources and AI-driven features that lie beneath the surface. Discover how to harness market trends and data insights to craft captivating social media videos and graphics that command attention.
July 18th
10:00 am – 12:00 pm
Republic Title Preston Legacy

Pro Secrets: Mastering Matrix
This course is designed to empower REALTORS® with advanced competencies in utilizing the Matrix MLS system, going beyond basic functionalities to explore deeper features that can significantly boost their efficiency and productivity.
July 23rd
10:00 am – 11:00 am
Zoom

Survey Issues
Join us for this class intended to help licensees understand surveys and the applicable paragraphs in the TREC 1-4 Family Residential Contract and prepare them for any potential survey issues that may arise.
July 24th
10:00 am – 11:00 am
Zoom

Residential Education | REPUBLIC TITLE

City-fast-Facts-Website-Thumbnail-Graphics-Roanoke

Spotlight on Roanoke

Click here for a printable version of the Roanoke Fast Facts and view all DFW Area Fast Facts here.

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.

Roanoke, Texas, is a charming city located in Denton County, known for its historic downtown area and small-town charm. Often referred to as the “Unique Dining Capital of Texas,” Roanoke offers a diverse culinary scene with a variety of restaurants and eateries. The city also hosts community events, art festivals, and outdoor activities, making it a popular destination for both residents and visitors seeking a vibrant and welcoming community atmosphere.

POPULATION

9.3K

AVERAGE HOUSEHOLD INCOME

$133K

MEDIAN AGE

38

HOUSING

60% OWN
40% RENT

AVERAGE SALES PRICE

$430K

AREA ACTIVITIES & FEATURES

• TEXAS MOTOR SPEEDWAY
• CINNAMON CREEK RANCH | INDOOR ARCHERY
• HAWAIIAN FALLS | WATERPARK
• SOUL FIRE BREWING COMPANY
• DFW ADVENTURE PARK | OUTDOOR ENTERTAINMENT
• ROANOKE VISITOR CENTER & MUSEUM
• HISTORIC OAK STREET
• ROANOKE RECREATION CENTER

FAVORITE LOCAL DINING & DRINK SPOTS

• CRAFT & VINE TAPROOM • INZO ITALIAN KITCHEN •
• THE CLASSIC CAFE • THAI MONKEY • 3 VINO • ROKIS PHO •
• BAYOU JACK’S CAJUN GRILL • HEIMBAKERS MARKET DELI •
• DOVE CREEK CAFE • TACOS AZTECA • HARD EIGHT BBQ •
• ANDERSON DISTILLERY & GRILL • DIZZY LUCY’S • OAK ST.
PIE CO • TACOS & DAWGS • SULLIVAN BBQ • AZORES
CRAFT SAUSAGES • FOSTER’S • PALIO’S PIZZA CAFE •
• HERE ASIAN SUSHI & BAR • WINGS21 • ANTON’S MEAT &
EAT • BENJAMIN’S PIZZA KITCHEN • GOAT & RAVEN • THE
CODFATHER • WILD CHEF BISTRO • MARIA DEL MAR •
• YESCHF • OAK STREET FOOD & BREW • PASTAZA •

FAVORITE LOCAL SHOPPING

• THE MARKET AT ROANOKE • ROANOKE TRADING CO •
• MADIJACKS • HOUSE OF FASHION • JENNIFER ANN •
• SADIE’S UPSCALE CONSIGNMENT • BARRON BOUTIQUE •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 52 MINUTES
• DALLAS LOVE FIELD AIRPORT | 42 MINUTES
• DFW INTERNATIONAL AIRPORT | 20 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 36 MINUTES
• DOWNTOWN FORT WORTH | 45 MINUTES

The-Essential-Texas-Bucket-List

The Essential Texas Bucket List

Our list of the top must-do activities in Texas:

  • See Texas’ own Eiffel Tower in Paris, Texas
  • Trip out in Marfa
  • See the stars at McDonald Observatory in Davis Mountains State Park
  • Take a selfie with Big Tex at the State Fair of Texas
  • Walk along the Riverwalk in San Antonio
  • Visit the biggest water park in Texas at Schlitterbahn
  • Camp out at Enchanted Rock
  • Visit the TV Famous Magnolia Market at the Silos in Waco
  • Take on the 72 oz. Steak Challenge at the Big Texas in Amarillo
  • Space out at the Lyndon B. Johnson Space Center
  • Get weird at The Museum of weird in Austin
  • Take pictures at Cadillac Ranch in Amarillo
  • See the country’s 2nd largest canyon – Palo Duro Canyon
  • Visit a Saloon in Luckenback
  • Hike your way to Gorman Falls
  • Drink your way through the wineries in Fredericksburg
  • Take a tour of the Alamo
  • Relax at the Padre Island seashore
  • Feed giraffes the Houston Zoo
  • Get a thrill at the Galveston Island Pleasure Pier
  • Tour the Sixth Floor Museum of Dallas
  • See the bats at the South Congress Bridge in Austin
  • Salute the Texas State Capitol
  • Float the river in New Braunfels
  • Check out the view from Reunion Tower
  • Eat iconic BBQ at the Salt Lick in Driftwood
  • Enjoy the secrets of Huntsville at The Blue Lagoon
  • See Trash Turned Treasure at the Cathedral of Junk in Austin
  • Visit the Blue Bell Creamery in Brenham
  • Drive over the Regency Suspension Bridge in San Saba
  • Cliff jump into Jacob’s Well
  • Zen out at the Shangria La Botanical Gardens

For this and more fun resources visit our Resource section: DFW Area Helpful Resources | Republic Title of Texas

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May 2024 DFW Real Estate Stats

In May 2024, real estate trends across several counties in the Dallas-Fort Worth area showed varied patterns.

In Collin County new listings increased by 22%, while active listings rose by 47% compared to the previous year. The average days on the market decreased by nearly 10% and the average sales price remained unchanged, but average price per square foot saw a 3.7% increase. Closed sales saw a slight uptick of 1.5% from the prior year.

In Dallas County new listings grew by 13.4%, and active listings saw a significant rise of 42.2% year-over-year. The average days on market increased by 9.4% while the average sales price surged by 16.4% to exceed $600,000. The average price per square foot increased by 7.6%, while closed sales decreased by 8.3% compared to the previous year.

In Denton County new listings increased by 8.7%, with active listings up by almost 34% from May 2023 and the average days on market decreased by 12.2%. The average sales price rose by 5.7%. and the average price per square foot showed a nearly 4% increase. Closed sales were slightly lower compared to the same period last year.

These statistics indicate a robust market with increased listings in most counties, fluctuating prices, and varying trends in days on market and closed sales. For more detailed statistics on Rockwall and Tarrant counties and condominium markets for all counties, take a look at our complete report and make it a great summer from your friends at Republic Title!

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.

HousingInsightApril2024

Texas Housing Insight April 2024 Summary

Seasonally adjusted housing sales bounced back in April following March’s decline. New listings
grew for the fourth month in a row resulting in the total active listings count growing to its highest level since July 2012. Home prices remained the same at $340,000 for the second month in a row.

New Home Listings on the Rise

Texas witnessed a 5.9 percent increase in total seasonally adjusted home sales month over month (MOM), resulting in 29,212 homes sold (Table 1). All the major cities saw a slight increase in home sales. Previously, San Antonio had the highest decline at 9.2 percent, but looks to be recovering at an increasing rate of 8 percent—the highest among the Big Four, followed by Dallas at 4 percent.

New listings have been steadily increasing from December to April (2.8 percent) with only a slight decline of 0.5 percent in March. The April 2024 number stands at 47,000. Among the Big Four, Dallas has been declining for two months and is currently at 11,523 new listings. Austin, however, has increased by 25 percent between January and April.

The state’s average days on the market remained unchanged at 57. Austin fell by almost four days while Dallas rose by less than one. San Antonio is the only Big Four metro to experience an increase of a little over three days. As of April, San Antonio had the highest days on market of the Big Four, at 72 days. Austin followed at 66 days. Houston had the lowest at 46 days.

The number of active listings went up from 106,428 to 111,707 (4.9 percent) following the increase in new listings. Pending listings during April went up by only 0.6 percent. This growth was driven largely by Houston (10 percent) but offset by Dallas (5.6 percent) and San Antonio (3.3 percent). The Big Four experienced an upward trend in active listings with an addition of 1,555 for Austin (16.5 percent). Houston experienced a similar increased trend in active listings (10.7 percent) with an addition of 2,788 listings, almost five times that of the previous month. Dallas and San Antonio experienced relatively modest increases of 8.2 percent and 2 percent, respectively.

Interest Rates on the Rise

Treasury and mortgage rates remain below their peak 2023 levels but have been increasing since the start of the year. The average ten-year U.S. Treasury Bond yield jumped almost 33 basis points to 4.54 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose by 17 basis points to 6.99 percent.

Housing Highlight

The housing market may be adjusting to a new normal that is characterized by an average 30-year fixed mortgage rate above 6 percent. Despite the persistence of higher mortgage interest rates, Texas’ residential mortgage activity is steadily improving as more pre-approved customers are searching for homes. Texas’ robust labor market and general economic strength are supporting housing demand despite scattered signals of financial distress across the nation. Financial vulnerability (e.g., rising credit card delinquencies) are currently concentrated on the lower end of the income distribution, where households are less likely to be prospective homebuyers. While that credit-health distinction somewhat shields the home-purchase market, it has broader implications for housing affordability and may carry consequences for the future economy.

Single-Family Starts Declining

Texas’ number of single-family construction permits increased by 0.9 percent MOM, reaching 13,805 issuances. After a massive dip in March, Houston has increased by almost 30 percent while all other major cities experienced moderate changes. Austin was the only city that had a fall of 5.9 percent (1,411) while San Antonio and Dallas experienced slight increases of 3.5 percent (953) and 1.6 percent (4,063), respectively.

Construction starts reduced according to data from Dodge Construction Network. Seasonally adjusted single-family starts decreased by 15.1 percent MOM to 13,731 units. Part of the pullback could be because February was such a strong month for starts, signaling an earlier-than-normal start to the construction home season. Houston had been experiencing an almost vertical increase from 56.8 percent in February, which began to slow down and has declined by 25.2 percent, while Dallas increased slightly by 10.7 percent (4,052). In contrast, Austin and San Antonio saw declines of 17.5 percent and 4.6 percent, respectively.

The state’s total value of single-family starts climbed from $9.15 billion in April 2023 to $13.19 billion in April 2024. Houston accounted for 36.2 percent of the state’s total starts value. Starts value activity is up from last year as Austin and San Antonio also posted moderate increases.

Home Prices Stabilizing

Texas’ median home price has remained stable at approximately $340,000 for two months (Table 2). However, across most major metropolitan areas, home prices saw a decline. Notably, Austin experienced an increase of 5.1 percent, moving the price from $421,572 to $443,247. Austin had the highest increase among the four major cities with a price change of $21,675. Prices increased by 2.1 percent in Houston and by a mere 0.7 percent in Dallas. San Antonio is the only city among the Big Four to experience a decline (0.9 percent).

The Texas Repeat Sales Home Price Index (Jan 2005=100) grew 0.9 percent MOM and 2.6 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average, falling by 2 percent YOY.

Summer-Energy-Saving-Checklist

Summer Energy Saving Checklist

For more helpful resources such as this and to download a full PDF version of our Summer Energy Saving Checklist, visit us at republictitle.com/buyer-resources

During the summer months, when temperatures soar and energy usage spikes, it’s important to implement energy-saving practices to keep your home cool and reduce your carbon footprint. One effective tip is to adjust your thermostat settings to a higher temperature when you’re away or asleep, allowing your air conditioner to work less and consume less energy. Utilizing ceiling fans can also help circulate cool air and make you feel more comfortable without relying solely on AC. Another way to conserve energy is by minimizing the use of heat-generating appliances during the hottest parts of the day. Opt for grilling outdoors or using the microwave instead of the oven. Additionally, sealing air leaks around windows and doors, as well as using curtains or blinds to block out sunlight, can prevent warm air from entering your home. Finally, replacing traditional incandescent light bulbs with energy-efficient LED bulbs not only reduces heat emission but also cuts down on electricity consumption. By incorporating these summer energy-saving tips, you can keep cool while being environmentally conscious.

Here is our checklist for summer energy to-dos:

Inside Of Your Home

  • Close blinds against direct sunlight.
  • Close doors and vents in rooms you don’t use daily.
  • Close the damper in your fireplace.
  • Check the insulation levels in your attic.  If it is lower than recommended, add insulation as needed or upgrade.  This could also qualify you for a tax credit.
  • Replace all incandescent light bulbs with energy-efficient ones.
  • Unplug power-hungry devices, such as TVs and computers when you aren’t using them.  Not only do they suck electricity when plugged in, but also they generate heat.
  • Wash only full loads of dishes and laundry.
  • Consider cooking with small counter top kitchen appliances on the hottest summer days to avoid using your range, which can heat up the interior of your home quickly. 
  • Invest in energy-efficient heating and cooling systems, appliances and plumbing.  Check Energy Star to get started.

Outside Of Your Home

  • Water your lawn only during dry spells and at the coolest hours of the day.  efficient energy and water usage go hand in hand.  Practicing them in tandem will help you save more on your summer utilities.
  • Adjust sprinklers to hit only green areas, not sidewalks and pavement.  If there’s a persistent dry spot, water it by hand.
  • Insulate trees and plants with a layer of mulch to prevent drying.
  • Direct gutters to lower-lying landscape beds or into a bucket for watering.
  • Plant native drought-tolerant trees and shrubs in your yard to increase shade and reduce the amount you need to water.
  • Install a rain sensor on your irrigation controller to avoid unnecessary watering.
  • Check the exterior of your home for areas where air could be leaking out.  Places like the ac unit connections, expansion joints, and caulking around windows are all common places this can occur.
  • Create a shaded area for your AC unit with bushes or artificial shade such as awnings.  If the unit is located in open sun, it will not perform efficiently in high outdoor temperatures.