Selling-out-of-an-Estate

Selling an Estate After a Death

Selling a property out of an estate after an owner has passed away can be a complex and emotional process. For many, it’s a first-time experience that comes with a steep learning curve. This guide will help clarify common misconceptions, address frequent complaints, and explain the key steps to ensure a smooth transaction. Whether you’re navigating affidavits of heirship, probate proceedings, or trust documentation, Republic Title is here to support you. As the preferred title partner in North Texas, Republic Title provides the expertise and responsiveness needed to guide you through even the most complicated real estate transactions.

Key Terminology to Understand

Selling After a Death

Power of Attorney (POA): A legal document granting authority to act on someone else’s behalf. Not valid after death.

Affidavit of Heirship: A sworn statement identifying heirs when no will exists or a will is not probated, often used to transfer ownership.

Probate: A legal process to give a will legal effect and aid in the distribution of assets. Necessary to confirm the executor’s authority to sell.

Trusts: A legal arrangement that is often used in estate planning to help avoid probate and simplify sales of property after a death. Title is held by a trustee for the benefit of the trust beneficiaries and the powers of the trustee are defined in the trust document.

Executor: A person named in the will who is given authority by a probate court to manage the estate and sell property.

Administrator: A person appointed by the court to manage an estate when there is no will, or a named executor is not willing or able to serve.

Common Misconceptions About Selling Out of an Estate

“I Can Sell Right Away After Someone Passes”

Many believe they can immediately list and sell a property after a loved one’s passing. However, without proper documentation, including proof of ownership and authority to sell, the process cannot begin.

“A Power of Attorney (POA) Can Handle Everything”

A POA is only valid while the person granting it is alive. After their passing, the agent no longer has the power to act under the POA and who has authority to act for the estate will be determined by the probate court documents or an affidavit of heirship.

“No Will Means No Sale”

When there is no will, or a will is not probated, properties can still be sold by using affidavits of heirship or court proceedings to determine the heirs of the decedent that will need to sign closing documents.

How to Avoid Common Complaints When Selling Out of an Estate

To ensure a smoother estate sale and avoid common complaints, it’s essential to be prepared and organized. Here are key steps to take:

1. Provide to the Title Company, if applicable:

  • Will (regardless of whether it is probated)
  • Death Certificate
  • Probate Documents, if any
  • Trust, if any
  • Attorney and/or CPA’s contact information handling probate

2. Notify the County Appraisal District (CAD) of the change in ownership and the removal of any exemptions. This helps prevent tax issues and ensures the property records are updated.

3. Review the Commitment: Carefully go over the title commitment with your title company to understand any requirements or exceptions that may impact the sale.

4. Find out the expected timeline from the Seller’s probate attorney: Knowing the timeline for probate proceedings will help set realistic expectations for the closing process.

Following these steps can significantly reduce delays and frustrations, helping to keep all parties informed and the transaction on track. With Republic Title as your partner, you can rely on their expertise and guidance through each step, making this process as smooth as possible.

Selling Out of an Estate With a Power of Attorney

As mentioned earlier, a POA ceases to be valid upon the grantor’s death. However, during their lifetime, it can be instrumental in managing property sales if the property owner is incapacitated. Ensure the POA explicitly grants authority to sell real estate, and provide the document to the title company.

Selling When There Is No Will

Selling After a Death

Here’s how to navigate the process of selling property when there is no will:

1. Affidavits of Heirship:

  • Used to determine legal heirs and transfer property ownership as set out in the Texas Estates Code .
  • Requires signatures from disinterested witnesses who knew the deceased.

2. Probate Proceedings:

  • The court appoints an Administrator to manage the estate and also may determine the heirs of the decedent.
  • The Administrator may be given the authority to sell the property by court order.

3. Trusts:

  • If the property was conveyed to the trustee of a trust, it may be possible to avoid probate to sell the property. The power of the trustee to sell the property is defined by the trust documents.
  • This may simplify the process and avoid many of the potential delays associated with court proceedings.

Republic Title’s experienced team of professionals understands the intricacies of estate sales and will help you through the process of selling after a death and ensure that the necessary documents are signed. With a commitment to proven expertise, dedicated service, and lasting relationships, Republic Title is the trusted partner for estate transactions across North Texas.

*This article is intended to provide basic information about the sale of property after the death of an owner. Nothing contained in this article is intended to be a substitute for legal advice, and Republic Title recommends that anyone seeking wills, estate planning, or probate advice should contact an attorney to provide you with legal advice and help guide you.

Source: Selling an Estate After a Death: A Comprehensive Guide with Republic Title – CandysDirt.com

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Holiday-Lights-in-DFW-2024 blog

Where To See Holiday Lights In DFW

Is it just us or was it just June? It’s full swing into the holiday season so we are back with our favorite places to see holiday lights throughout the metroplex! With locations from Addison to Southlake, and everywhere in between, grab a hot cocoa bundle up and pack into the car for a night of Christmas spirit and stunning lights! 
 
For a full PDF download of our Holiday Lights in DFW and more seasonal resources, visit our website at: republictitle.com/dfw-area-resources

Addison
Vitruvian Lights
Vitruvian Park
November 23- January 1

Arlington
Interlochen Neighborhood
Westwood Dr & Randol Mill
December 13- December 25

Bedford
Daystar Christmas
Daystar Television Network
November 23- December 31

Glenbrook Neighborhood
Cummings Dr & Forest Ridge
December 1-31

Coppell
Holiday Lights in The Park
Andrew Brown Park East
December 3-31

The Colony
The Colony Christmas Spectacular
4900 Blair Oaks Dr
December 7- January 5

Kody’s Stunning Light Show
5618 Foster St
November 29- January 1

Holiday in the Park
4930 S Colony Blvd
December 7

Dallas
Dallas Zoo Lights
Dallas Zoo
November 22- January 4

Lake Highlands
Moss Haven & Timberhollow Cir
December 1-

Highland Park
Armstrong Pkwy & Preston Rd
December 16- December 26

Christmas Parade of Lights
Downtown Lakewood
December 7

Frisco
Burkman Holiday Home
3809 Hazelhurst Dr
December 1- December 29

Christmas in the Square
Downtown Frisco
November 22- January 6

Fort Worth
Tell Family Lights
5016 Keating St
November 28- December 31

Gift of Lights
Texas Motor Speedway
November 28- January 5

Karr Family Light Show
5901 Pacers Ln
December 1- 25

Grapevine
Merry & Bright Drone Show
Main St
December 2 & 9

Lonestar Christmas
The Gaylord Texan
November 15- January 5

Lewisville
Austin Family Light Show
Lewisville Neighborhood
December 1 – January 4

McKinney
Holidays at the Heard
Heard Natural Science Museum & Wildlife Sanctuary
December 6 & 7

McKinney Rotary Club
Christmas Parade of Lights
December 14

Plano
Deerfield Neighborhood
Preston Rd & Coit Rd
December 1-30

Gingerbread Village
The Shops at Legacy
November 24- January 1

Prosper
Tunnel of Lights
Whitley Place
November 28- December 1

Southlake
Santa’s Village
Rustin Park
November 23- January 1

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October 2024 DFW Real Estate Stats

In October 2024, the real estate market in North Texas remained dynamic, with notable changes across Collin, Dallas, Denton, Tarrant, and Rockwall counties.

In Collin County, the number of active listings increased by 28.7% from last year, but the average sales price remained steady at $563,333, showing minimal change from the prior year. The area saw a 22.6% increase in new listings, totaling 1,972, while closed sales were up by 13%, reaching 1,300. On average, homes spent 55 days on the market, which was a 37.5% increase compared to the previous year.

Dallas County continued to see strong activity with a 17.7% increase in new listings, totaling 2,914. Active listings surged by 34.6%, bringing the total to 12,863. The average sales price in the county increased by 7.3%, reaching $567,372, while average days on market increased by 39.4%, now at 46 days.

In Denton County, new listings grew by 22.8%, while active listings rose by 30%. The average sales price increased by 5.6%, reaching $567,045. The number of closed sales saw a modest rise of 4.6%, with homes spending 52 days on the market, up by 20.9%.

In Tarrant County, active listings grew by 21.1%, while new listings increased by 13.5%. The average sales price reached $431,692, up by 5.6%, and homes spent an average of 51 days on the market, up 37.8% from last year.

Rockwall County experienced a strong increase in both new listings (10%) and active listings (34.1%), with a 3.4% increase in the average sales price to $516,372. Closed sales rose by 21%.

In summary, the North Texas real estate market remained active in October 2024, with strong growth in new listings and active inventory across all counties. Historically, leading up to a presidential election, it’s common for real estate activity to slow slightly as buyers and sellers take a wait-and-see approach to economic uncertainties. As we finish up the final quarter of 2024, all eyes are on 2025, with expectations that the market will continue to evolve in response to both economic conditions and the shifting political landscape.

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 and for NTREIS Local Market reports click here.

Holiday-Events-2024 blog

2024 Holiday Events in DFW

Tis the season to get festive!  The beginning of holiday events is approaching so we put together a list of our favorites for you to enjoy! From parades and tree lightings to Christmas markets and holiday lights, there’s something for everyone to enjoy this season. 
 
Mark your calendars to make this holiday season unforgettable! For a full PDF download and more resources like this, visit us on our website at republictitle.com/residential-resources.
City-fast-Facts-Website-Thumbnail-Wylie

Spotlight on Wylie

Click here for a printable version of the Wylie 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.

Wylie, Texas, is a rapidly growing city located northeast of Dallas, offering a mix of small-town charm and modern amenities. Known for its excellent schools, well-maintained parks, and family-friendly atmosphere, Wylie provides a welcoming environment for residents. The city features a blend of recreational activities, including outdoor events, local shopping, and access to nearby lakes, making it a desirable place to live for those seeking a balanced suburban lifestyle.

POPULATION

61K

AVERAGE HOUSEHOLD INCOME

$111K

MEDIAN AGE

34

HOUSING

74% OWN
26% RENT

AVERAGE SALES PRICE

$488K

AREA ACTIVITIES & FEATURES

• IN-SYNC EXOTICS | WILDLIFE RESCUE
• FOUNDERS PARK
• BIRMINGHAM FARMS PARK
• WOODBRIDGE GOLF CLUB
• FRIENDSHIP PARK
• WYLIE NATURE PRESERVE
• WYLIE OPRY
• LANDON WINERY
• B&B THEATRES

FAVORITE LOCAL DINING & DRINK SPOTS

• VILLA VINCI • BALLARD STREET CAFÉ AND GRILL
• SHOEMAKER AND HARDT • PHO STREET CAFÉ • METEOR
HAMBURGERS • NAPOLI’S PIZZA AND RESTAURANT •
• COUNTRY CLUB CAFÉ • COWBOY CHICKEN •
• JHONNY’S MEXICAN RESTAURANT • CHILOSO • EL
FLAMBOYAN PUERTO RICAN CAFÉ • LOCO GRINGO TACO
SHACK • FISH N TAILS OYSTER BAR • FRANKIE’S CASA •
• CHEESESTEAK HOUSE • LA JOYA MEXICAN COCINA •
• THE HARBOR HOUSE • BOLD BBQ PIT • LINKE’S BBQ •

FAVORITE LOCAL SHOPPING

• DEAR SORELLA BOUTIQUE • TRENDZ N TRADITIONS •
• BUILD-A-BOX BOUTIQUE • THE BLEND ON BALLARD •
• HOPE’S GATE • THE OLE BACK PORCH • GAME NERDZ •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 40 MINUTES
• DALLAS LOVE FIELD AIRPORT | 45 MINUTES
• DFW INTERNATIONAL AIRPORT | 40 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 52 MINUTES
• DOWNTOWN FORT WORTH | 70 MINUTES

househalloween

Title Insurance Frights: Protecting Your Home from the Unknown

At Republic Title, we’ve seen our share of mysterious deeds, ghostly liens, and hidden traps lurking in property transactions. With Halloween just around the corner, it’s the perfect time to share some spine-chilling real estate stories that might make you think twice before signing on the dotted line. But fear not! With Republic Title on your side for title insurance, you can rest assured that with the right support, even the scariest title issues can be managed.

The Curse of the Rollback Taxes

Taxes can be terrifying, especially when they appear out of nowhere—like a ghostly apparition. In one chilling story, an out-of-state investor bought a multi-million-dollar property in Texas without fully understanding rollback taxes. This special tax liability is triggered when agricultural or homestead exemptions are removed. Unfortunately, the buyer’s counsel didn’t account for the potential rollback taxes until just before closing, well past the due diligence period. When they finally calculated the liability, they found themselves facing a hefty $1 million bill. With no other option, they forfeited their earnest money deposit rather than absorb the crushing tax burden.

Lesson learned: Always analyze tax certificates early in the process and estimate rollback taxes before making any big decisions. Don’t let a lack of knowledge become your financial nightmare!

Grave Mistakes: The Haunting of Development Projects

title insurance

Sometimes, it’s not what lies above ground that causes issues, but what’s beneath it. One such story involved a developer who discovered a mysterious gravesite on a survey, right on their future project site. The gravestone was so old that the inscription had worn away, and neither the seller nor the city had any record of it. But until they determined who—or what—was buried there, no permits could be issued.

The seller and buyer hired an investigator, who uncovered that it might belong to a local railroad employee’s dog from decades ago. After a lengthy delay and a permit to move the remains, it turned out that the body beneath was, indeed, a loyal dog. Development could finally proceed, but the months of delay haunted the project’s timeline.

Lesson learned: Thorough surveys and historical research can prevent unexpected delays. It’s
not just about square footage—it’s about what might be resting six feet under.

When Survey Pins Disappear in the Night: The Tale of the Boundary Dispute

title insurance

In a small town, a property buyer thought they had everything squared away after getting a survey. But when they sent their contractor to begin work, an angry neighbor showed up, claiming the land was his. The contractor went back the next day with surveyors, only to find that someone had removed the survey pins overnight, leaving just the empty holes as evidence.

As it turns out, the previous property owner and the neighbor had been feuding over the property line for years—a secret the seller failed to disclose. The dispute escalated into a legal battle that cost thousands in legal fees, all because a ghostly boundary issue resurfaced.

Lesson learned: Always dig deeper—sometimes literally—when it comes to survey details, and ask sellers about any known disputes.

Wire Fraud: The Real-Life Boogeyman

title insurance

Wire fraud might sound like a far-off problem, but it can quickly turn into a real-life nightmare. Imagine a buyer who received new wire instructions through what seemed like a legitimate email from their title company, only to find out that their life savings had vanished into a scammer’s account. Though law enforcement and the bank managed to freeze the funds in this case, many aren’t so lucky. Wire fraud in real estate is a rising threat, with the FBI reporting that losses exceeded $350 million in 2021.

Lesson learned: Always confirm wire instructions with a phone call directly to your title company, and never rely solely on email for sensitive financial transactions. It could save you from a financial horror story of your own.

The Phantom Easement: When Access Vanishes

title insurance

Access to a property is critical, but what happens when that access suddenly disappears? In one story, a property owner owned two adjacent tracts of land.  One had access to a public road, but the other tract was land locked.  The property owner wanted to take out a loan secured only by the landlocked tract.  As a condition for the loan the lender required an easement over the adjacent tract of land to the public road.  The easement was created, but it was created in favor of the lender and their assigns.  When the property owner sold the landlocked tract of land the lender released their lien and the easement went along with it because it was only in favor of the lender and their assigns.  Suddenly, the property was landlocked again, and the title company had to negotiate a new easement, delaying the project and incurring extra costs.

Lesson learned: Review easement agreements thoroughly, and make sure that they’re not tied to specific parties that might change in the future. Otherwise, your access might vanish faster than a shadow at dusk.


Real estate doesn’t have to be a horror story. With Republic Title, you have a partner that’s dedicated to ensuring your property transactions are as smooth and secure as possible. We shine a light on the hidden risks, protecting you from title issues that could turn your investment into a nightmare. Choose Republic Title for peace of mind, and enjoy a Halloween season free from real estate scares. Happy Halloween from all of us at Republic Title!

Source: Title Insurance Frights: Protecting Your Home from the Unknown – CandysDirt.com

City-fast-Facts-Website-Thumbnail-Uptown

Spotlight on Uptown

Click here for a printable version of the Uptown 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.

Uptown Dallas is a trendy and vibrant neighborhood known for its bustling atmosphere and urban lifestyle. Featuring a mix of upscale apartments, boutique shops, and a diverse array of dining options, Uptown attracts residents and visitors seeking a lively social scene. The area is also renowned for its scenic parks and walkable streets, making it an ideal destination for outdoor activities and community events while offering easy access to the cultural and entertainment attractions of downtown Dallas.

POPULATION

13K

AVERAGE HOUSEHOLD INCOME

$159K

MEDIAN AGE

32

HOUSING

20% OWN
80% RENT

AVERAGE SALES PRICE

$1.7M

AREA ACTIVITIES & FEATURES

• KATY TRAIL
• AMERICAN AIRLINES CENTER
• PEROT MUSEUM
• KLYDE WARREN PARK
• HOUSE OF BLUES
• DALLAS MUSEUM OF ART
• DALLAS WORLD AQUARIUM
• NASHER SCULPTURE CENTER
• WINSPEAR OPERA HOUSE
• REUNION TOWER
• MUSEUM OF ILLUSIONS

FAVORITE LOCAL DINING & DRINK SPOTS

• S&D OYSTER COMPANY • BISOUS BISOUS PATISSERIE •
• WHITE RHINO COFFEE • VILLAGE BURGER BAR • NOBU •
• MOXIES • SIXTY VINES • HAYWIRE • THE CONSERVATORY •
• LAS PALMAS TEX-MEX • KATY TRAIL ICEHOUSE • THE
STANDARD POUR • THE HENRY • HAPPIEST HOUR • DOLCE
RIVIERA • HARWOOD ARMS • MAGNOLIAS SOUS LE PONT •
• THE RUSTIC • DOC B’S • MALAI KITCHEN • AVANTI • UCHI •
• STATE & ALLEN • SI TAPAS • DOCK LOCAL • SAINT ANN
RESTAURANT & BAR • NICK & SAM’S • CRUSHCRAFT THAI
EATS • STK DALLAS • VILLAGE BURGER BAR • KISS • NAMO •

FAVORITE LOCAL SHOPPING

• WEST VILLAGE • NORTHPARK • STANLEY KORSHAK • Y&I
CLOTHING • NICOLE KWON • PITAYA • MKT – STORES •
• KITTENISH • APOTHECARY SOCIAL • NICKEL & SUEDE •
• RANDOM BOBBITT PROVISIONS • ESTHER PENN • FAVOR
THE KIND • DOLLY PYTHON • TRAFFIC LOS ANGELES •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 8 MINUTES
• DALLAS LOVE FIELD AIRPORT | 15 MINUTES
• DFW INTERNATIONAL AIRPORT | 25 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 35 MINUTES
• DOWNTOWN FORT WORTH | 45 MINUTES

Buying real estate and agreement concept. Real estate agents agree to buy a home and give keys to clients at their agency's offices.

Who Picks The Title Company In Texas?

Title Company in Texas

When navigating the complexities of real estate transactions, particularly in Texas, one of the critical decisions involves choosing the title company. A title company plays a pivotal role in ensuring that the transfer of property ownership is smooth, legal, and secure. But who exactly has the authority to pick the title company in Texas? Understanding this process is essential for buyers, sellers, and real estate professionals alike.

The Role of the Title Company

Before delving into who selects the title company, it’s important to understand what a title company does. A title company is responsible for verifying the legal ownership of a property, ensuring there are no liens or encumbrances, and facilitating the transfer of ownership from seller to buyer. In addition, the title company provides title insurance, which protects the buyer and lender against potential liens or disputes over ownership that may arise after the sale is completed.

Title insurance is vital in real estate transactions as it ensures that the buyer receives a clear and marketable title, free from any legal claims that could jeopardize their ownership. Given the importance of this role, selecting a reputable title company is crucial.

Who Chooses the Title Company?

In Texas, the selection of the title company is not set by law, but rather it is often determined by negotiation between the buyer and seller. This decision is typically outlined in the real estate contract during the negotiation process. Here’s how it usually breaks down:

  • Seller’s Preference: In many cases, especially in a seller’s market, the seller may prefer to
    choose the title company. Sellers often have a title company they’ve worked with before or one
    that is familiar with the property often making the process smoother and more efficient.
  • Buyer’s Input: In a buyer’s market or in situations where the buyer has specific preferences,
    the buyer may negotiate to select the title company. Some buyers may prefer a title company
    they’ve worked with in the past or one that is highly recommended by their real estate agent or
    lender.
  • Mutual Agreement: Often, the buyer and seller come to a mutual agreement on which title
    company to use. This agreement is usually based on recommendations from real estate agents,
    past experiences, or the reputation of the title company.
  • Lender’s Role: In some cases, the lender may have a preferred title company, particularly if the
    lender is providing financing for the purchase. While the lender cannot force the buyer or seller
    to use a specific title company, they may recommend one, and their input can influence the
    decision.
Title Company in Texas

Factors to Consider When Choosing a Title Company

Whether you’re a buyer, seller, or real estate professional, selecting the right title company is a significant decision. Here are some factors to consider:

  • Financial Strength: One critical aspect often overlooked when choosing a title company is its
    financial strength. A financially robust title company is better positioned to pay out claims should
    an issue arise after the sale is completed. Title insurance is only as reliable as the company
    backing it; therefore, choosing a title company with a strong financial standing ensures that they
    can fulfill their obligations, offering peace of mind to all parties involved.
  • Reputation: The reputation of the title company is paramount. A company with a strong track
    record, positive reviews, and a history of successful transactions is likely to provide a smoother
    experience.
  • Experience: The complexity of real estate transactions requires a title company with extensive
    experience. Look for a company that has been in business for several years and has handled a
    variety of transactions.
  • Customer Service: Exceptional customer service is crucial in real estate transactions, which
    can be stressful and time-sensitive. A title company that is responsive, communicative, and
    willing to go the extra mile can make a significant difference.
  • Local Knowledge: A title company with deep knowledge of the local real estate market and
    laws can provide invaluable insight and guidance throughout the transaction process.

Why Republic Title Is the Preferred Partner in North Texas

When it comes to choosing a title company in Texas, Republic Title stands out as the preferred partner for many buyers, sellers, and real estate professionals. As a full-service title insurance company, Republic Title handles the transfer of title for real estate transactions with the utmost care, professionalism, and integrity. Their mission is to provide value to every customer through proven experience, dedicated service, and lasting relationships.

Republic Title’s commitment to exceptional, responsive customer service is unsurpassed. With a track record of success and a reputation built on trust, Republic Title ensures that every real estate transaction is handled with the highest level of expertise. Moreover, Republic Title’s strong financial foundation guarantees their ability to pay claims, providing additional security to their customers. Their deep understanding of the North Texas market, combined with their extensive experience in handling both residential and commercial transactions, makes them the go-to choice for title services in the region.

Source: Republic Title Tip: Who Picks the Title Company in Texas? – CandysDirt.com

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September 2024 DFW Real Estate Stats

The real estate market across Collin, Dallas, Denton, Rockwall, and Tarrant counties showed varied trends in September.

Collin County experienced a significant increase in both new listings (up 21.7%) and active listings (up 49%) from the prior year, though the average sales price dropped by 3%, with closed sales seeing a notable rise of 7.8%.

In Dallas County, new listings were up by 11% and active listings by 39%, while the average sales price increased 3.4%, but closed sales fell by 2.1%.

Denton County also saw gains in new listings (up 13.5%) and active listings (up 33.2%), though closed sales dropped sharply by 11.9%, with a modest increase in average sales price of 1.1%.

In Rockwall County, new listings rose by 12.5%, and active listings by 35.5%, while average sales prices increased by 1.4%, but closed sales were down 4.3%.

Tarrant County was the only area to see a slight decline in new listings (down 1.7%), though active listings rose 26.3%, and while average sales prices were up by 2.9%, closed sales decreased by 7%.

The Fall market of this year should be an interesting time. Remember Republic Title is here to help!

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 and for NTREIS Local Market reports click here.

Texas-Housing-Insight-August-2024

Texas Housing Insight August 2024 Summary

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

August saw a fall in home sales and a continued rise in building permits. New listings increased almost 14 percent, driven largely by the Houston metro recovering after Hurricane Beryl. The storm did not have the same degree of impact on sales. Home prices fell slightly to $335,494.

Sales Dip, New Listings Bounce Back 

After bouncing back in July, statewide seasonally adjusted home sales dropped 6.2 percent month-over-month (MOM), resulting in 24,948 homes sold (Table 1). Dallas had the largest decrease among the Big Four at 10.4 percent (6,858), followed by Houston at 4.4 percent (6,628) and San Antonio at 4 percent (2,622). Austin was the only one among the Big Four to have an increase in August (2.7 percent), resulting in 2,267 homes sold.

The number of new listings increased by over 5,500, marking a 13.8 percent rise from July, in large part due to Hurricane Beryl. New listings plummeted the week of Hurricane Beryl with the following weeks making up for the decline. This increase spilled over into August, when new listings normally are in decline following the peak months of June and July. Houston saw a substantial increase of 44.9 percent (14,098), followed by Austin at 27 percent (3,543) and Dallas at 12.5 percent (11,349). San Antonio had the smallest addition among the Big Four, with a 5.8 percent increase (4,060). 

The state’s average days on market (DOM) increased by one day to 61 days. Dallas had the largest increase—from 52 to 55 days, a 7 percent increase. Similarly, Austin increased from 68 to 70 days. Houston and San Antonio both rose by one day and are currently at 52 and 74 days on market, respectively.   

Texas’ number of active listings increased from 116,294 to 120,129 (3.3 percent). Active listings across the Big Four rose in August with Dallas, San Antonio, and Houston increasing by 4.3 percent (26,835), 1.5 percent (14,093), and 3.5 percent (28,456), respectively, while Austin rose by 0.1 percent (11,519).   

Statewide pending listings have begun increasing with 1,368 additional pending listings in August. The pending listings across the Big Four have been mixed with Houston (7,294) and Austin (2,616) increasing by 18.6 and 15 percent, respectively. Meanwhile, San Antonio (2,235) and Dallas (6,170) declined by 20 percent and 14.7 percent, respectively.

Interest Rates on the Decline 

Treasury and mortgage rates both declined in August but at a much faster rate than the month before. The average ten-year U.S. Treasury Bond yield fell 38 basis points to 3.87 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell by 35 basis points to 6.5 percent.  

Single-Family Permits Grow at a Slower Pace 

Statewide, building permits increased at a lower rate in August, up 1.59 percent MOM after a 29 percent increase in July. Houston grew by 7.3 percent and Dallas by 2.2 percent. Austin and San Antonio, on the other hand, fell by 8.1 and 7.3 percent, respectively.   

Single-family construction starts grew after monthly declines since March 2024. Seasonally adjusted statewide single-family starts increased by 8 percent MOM to 13,564 units. Houston and Austin rose by 20 and 17 percent, respectively, while San Antonio increased by comparatively less (2.5 percent). Meanwhile, Dallas decreased by 0.6 percent. 

The state’s total value of single-family starts climbed from $20.28 billion in August 2023 to $26.13 billion in August 2024. Houston accounted for 35.7 percent of the state’s total starts value followed by Dallas with 27.1 percent.  

Home Price Dip Slightly

Texas’ median home price fell 0.2 percent MOM in August from $336,109 to $335,494 (Table 2). Houston fell by 2.7 percent to $331,510 while Dallas rose by 2.2 percent to $396,654. Austin fell the most among the Big Four, by 2.8 percent to $435,915. San Antonio fell by 1.3 percent to $306,698.   

The Texas Repeat Sales Home Price Index (Jan 2005=100), which is a more accurate reflection of home price changes, fell 0.5 percent MOM in August but increased 1.1 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average and fell by 3.9 percent YOY in August. 

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

BY JOSHUA ROBERSON, RHUTU KALLURand Junqing Wu (October 9, 2024)