June 2023 - Republic Title

May 2023 DFW Area Real Estate Stats

Days on market have surged over 100% in each county we report on indicating that homes are selling far more slowly than they were in 2022. In Rockwall County, the average days on market is 62 days – that’s an increase of 226.3% over 2022. According to the Dallas Business Journal, Dallas-Fort Worth ranked fourth in the U.S. for the largest increase in days on market in May. New listings are down across the board over 2022. The demand for homes in North Texas is still robust and it remains a tough market for buyers. If you’re considering selling or know someone who is, now is the perfect moment to take advantage of the high demand!

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.

Republic Title Mobile

If you haven’t downloaded our app, Republic Title Mobile, now is the time! Join other real estate agents using Republic Title Mobile and see why we have a 5 star rating in the Apple Store!

Republic Title Mobile is a mobile app that provides easy access for real estate professionals, buyers, and sellers to closing cost calculators, educational videos and articles on title insurance and the real estate industry, and more information on our services to serve your real estate needs.

Our convenient calculator allows users to quickly calculate closing fees associated with your transaction. Calculators include:

• Title Quote

• Closing Disclosure Quote

• Loan Estimate Quote

• Seller Net Sheet

• Sell To Net

• Seller’s Multiple Offers

• Buyer Estimate

• Monthly Affordability

• Rent vs Buy

Download our mobile app now in the Apple App Store or the Google Play Store!

Texas Housing Insight March 2023 Summary

Construction had a great March as it made monumental leaps over February. Meanwhile, active listings dropped as sales continued to rise. Days on market (DOM) increased for yet another month, conflating with the fact that demand is slowing though still trending upward. However, too few existing homes are being put on the market to fill the void. Interest rates’ continued climb and an uncertain economic future were likely contributing factors to possible buyers holding onto their current homes. These factors continue to point to a cooling housing market.

Supply* Recedes as Construction Skyrockets

Single-family construction permits have continued increasing since February with 12,431 issued in March, a 23 percent month-over-month (MOM) improvement. All four major metros contributed to the statewide rise, as they all had positive gains for the month. Houston continued to lead the other metros with a 21.5 percent increase (4,616 permits) over last month’s already impressive growth. San Antonio replaced Austin as the metro with the lowest growth at 2.3 percent (605 permits).

Single-family construction starts recorded a strong count in March at 11,478. While nowhere near 2021 and 2022 levels, they are comparable to 2019, which was a strong year and a positive sign for the rest of 2023. Construction generally hits a seasonal low in December and peaks in March or June.

The state’s total single-family starts value reached $7.1 billion in March, down from $12 billion in March 2022. Houston and Dallas-Fort Worth continue to account for over half of the state’s values, holding a combined 55 percent of the Texas market. Austin and San Antonio remained on par with previous years’ market percentage shares.

Demand Trends Upward as Sales Remain Strong

Housing demand started the year off strong with three consecutive months of seasonally adjusted sales growth. Total home sales gained 2.2 percent MOM reaching 30,610 (Table 1). Three of the four major metros have risen in monthly home sales, with Dallas being the only to have a drop, moving 97 fewer homes than the previous month. Houston was the metro with the largest monthly increase in March, reaching a 9.6 percent improvement. Austin and San Antonio lagged Houston and Dallas with sales of 2,738 and 3,103, respectively.

As the metro with the most sales in Texas, Dallas had sales volumes that were consistent with 2022 across price cohorts. However, transactions for homes on the two tails—below $200K and above $750K—both shrank significantly. Transactions in the upper tail dropped to 805 units in March, falling more than 15 percent year-over-year.

Texas’ average DOM steadily advanced to 57 days. Compared with the five-year average of 59 days before 2020, the housing market is fast approaching historic norms. Houston’s homes seemed to be in the hottest market, reporting the lowest DOM level of 51.4 days. Austin’s DOM record kept inching up, marking 72.7 days this month, the longest market time since 2013. This is a major swing from the intense market conditions from just a year ago.

Amid the overall trend of continuously growing house inventories, active listings had their first major dip since March 2022. The 8 percent drop brought the count of available homes in Texas down to 83,497 units. While Austin ticked up 4.5 percent, Dallas dropped marginally. Due to March’s robust sales volumes in Houston and San Antonio, these two metros had a hard time quickly restocking. As a result, they had significant reductions of 8.5 percent and 11.3 percent, respectively. Despite the drop in housing inventories, months of inventory (MOI) resumed an upward trend at three months. The trend was largely sustained by Austin’s increasing MOI.

Prices Make Minimal Gains as Long-Term Rates Rise

Texas’ median home price inched up 1 percent MOM, and the price was mainly unchanged from a year ago (Table 2). Austin had the greatest rebound of 6 percent since the price correction started in May 2022. Despite the recent improvement, Austin’s median price still fell $70K short of 2022’s market price, diminishing 15 percent. Other than Austin, the remaining three metros did not post drastic changes. Relatively, Houston’s and San Antonio’s housing prices were the most stable among the four major metros, with March prices staying in a reasonable range from the local markets’ peaks.

The ten-year U.S. Treasury bond yield dipped nine basis points MOM to reach 3.6 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate reversed course as it climbed to 6.5 percent, the first increase since October 2022.

Though mortgage rates remain high, sales have trended upward and continued through March. The Texas Repeat Sales Home Price Index accounts for compositional price effects and provides a better measure of changes in single-family home values. Texas’ index gained 1.9 percent MOM. Houston was the only metro whose index remained constant, while the four other major metros all had modest increases over February. These modest rises indicate price normalization.

_________________

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

Source – Joshua Roberson, Weiling Yan, and John Shaunfield (May 26, 2023)

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

Our Frisco Office Has Moved

Our Republic Title Frisco office has moved and recently hosted a ribbon cutting ceremony and open house for their customers to see their beautiful new space. With a prime location off of Panther Creek Parkway and the Dallas North Tollway, the Republic Title Frisco team is well-positioned to provide exceptional service and offer first class amenities to their customers. With over 250 collective years of title insurance experience, the Frisco team takes great pride in the trust their clients place in them with their real estate transactions and look forward to continuing to serve the booming North Texas community.

The Republic Title Frisco team is made up of Marilyn Hoglen, Ken Callahan, Kylie Moore, Debra Naukam, Drew Brummitt, Nathalie Kroll, Sherry Knoebel, Dawn Repka, Deborah Brunner, Kari Vander Velde, Lauren Robertson, Maggie Wright, Melonie Arbet, Rochelle LeGros, Susan Van Gee, Taylor Roberts, and Tracey Stoner.

For more information on the Republic Title Frisco office, visit our website at republictitle.com/frisco

DFW Area Hiking and Biking Trails

The Dallas area is a haven for outdoor enthusiasts, offering a plethora of hiking and biking trails that cater to all skill levels. From serene nature preserves to challenging mountain biking routes, there is something for everyone to enjoy. One popular destination is the Katy Trail, a 3.5-mile urban trail that winds through the heart of Dallas. This scenic path is perfect for both hiking and biking, with its paved surface providing a smooth and comfortable experience. Along the way, visitors can admire the beautiful views of Turtle Creek, pass by charming neighborhoods, and even make a pit stop at one of the many restaurants and cafes conveniently located near the trail.

For those seeking a more rugged adventure, the Cedar Ridge Preserve offers a range of hiking trails that showcase the natural beauty of the Dallas area. This 600-acre nature preserve is home to diverse ecosystems, including forests, prairies, and wildflower meadows. Hikers can choose from several well-marked trails of varying lengths and difficulties, allowing them to explore the preserve at their own pace. As they traverse the trails, visitors can catch glimpses of wildlife, such as deer and foxes, and enjoy panoramic views of the surrounding countryside. The Cedar Ridge Preserve is a true gem for hikers looking to escape the hustle and bustle of the city and immerse themselves in nature’s tranquility.

Bonnie Wenk Park, located in McKinney, Texas, is a delightful outdoor oasis that offers a range of recreational activities for visitors of all ages. Sprawling across 144 acres, this expansive park features beautifully landscaped grounds, serene ponds, and lush green spaces. One of the main highlights of Bonnie Wenk Park is its extensive trail system, which is perfect for both walking and biking enthusiasts. The trails wind through picturesque settings, allowing visitors to soak in the natural beauty of the park while getting some exercise. Along the way, hikers and bikers can enjoy the shade provided by the park’s abundant trees and take in the sights and sounds of nature.

Arbor Hills Nature Preserve, nestled in Plano, Texas, is a remarkable destination that seamlessly blends natural beauty with recreational opportunities. Spanning over 200 acres, this urban oasis offers a respite from the bustling city life with its diverse ecosystems and well-maintained trails. Nature enthusiasts will find themselves enchanted by the preserve’s lush forests, picturesque meadows, and tranquil ponds. The trails, ranging from easy to moderate difficulty, wind through the preserve, providing visitors with the chance to explore its scenic landscapes while immersing themselves in the serenity of nature.

Oak Point Nature Preserve, located in Plano, Texas, is a breathtaking natural sanctuary that offers a wealth of outdoor experiences for visitors. Spanning over 800 acres, this expansive preserve is a haven for nature enthusiasts and adventure seekers alike. With its diverse ecosystems, including dense forests, sprawling meadows, and winding creeks, Oak Point Nature Preserve provides a serene escape from the urban bustle. The preserve boasts a network of well-maintained trails that wind through its picturesque landscapes, offering hikers and bikers the opportunity to explore its beauty while immersing themselves in the tranquility of nature. From birdwatching to wildlife spotting, there are countless opportunities to witness the rich biodiversity that thrives within the preserve. Oak Point Nature Preserve is a true treasure for those seeking solace and rejuvenation amidst the natural wonders of Plano.

These are just a few of the DFW area hiking and biking trails. For more information, please visit our DFW Area Resource section of our website. DFW Area Helpful Resources | Republic Title of Texas

June Class Calendar

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

Lease Purchase, Just Say No!
This class provides a detailed overview of issues surrounding Lease Purchase Options such as required disclosures, obligations, contracts, financing and enforceability. Being aware of potential complications can prepare a licensee to thwart potential lawsuits.
June 1st
10:00 am – 11:00 am
Zoom

Maximize Productivity with ChatGPT A Real Estate Agents Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
June 5th
11:30 am – 12:30 pm
Canyon Falls, Northlake TX

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.
June 6th
10:00 am – 12:00 pm
Republic Title Preston Legacy Office

Managing Your Time as a Small Business Owner/Real Estate Professional
This course will provide real estate professionals with the information needed to understand the nuances of time management. Agents will learn and understand the nuances that have prevented them from mastering time management, learn why the time blocking technique may not have worked for them and learn to distinguish between tasks, routines and project management.
June 6th
1:00 pm – 3:00 pm
Zoom

Hit the Road with the MLS-Touch App
Deals are made on the road. MLS Touch is the most advanced Mobile MLS app for agents! Come to this class to learn how to use this tool like a pro from the first time you log in. Seamless integration with Matrix, OneHome Portal, Realist Tax and more. Set up your own branded app to share with clients and on social media.
June 6th
1:30 pm – 2:30 pm
Republic Title Preston Frankford Office

TREC Legal Update I
Material mandated by TREC: Legal Update I covers various topics related to changes in regulations, forms, and standards of practice in the real estate industry including: TREC statute and rule updates, an overview of changes to and best practices for promulgated contract and addenda forms, and updated information on fair housing and property management laws and regulations.
June 7th
9:30 am – 1:30 pm
Prestonwood Country Club

Market Yourself like a Pro using RPR
Join us to learn how to use RPR®’s (Realtors Property Resource®) marketing resources to streamline your outreach and share regular market updates on social media channels, as well as, create mailings without missing a beat.
June 13th
10:00 am – 11:00 am
Republic Title Preston Legacy Office

TREC Legal Update II
Material mandated by TREC: Legal Update II covers a host of topics that TREC has deemed critical for all licensees to be familiar with, including fiduciary and ethical duties of the agent, guidance on dealing with water and mineral rights, and important updates to tax laws and rules.
June 14th
9:30 am – 1:30 pm
Prestonwood Country Club

FREE Tools to Supercharge Your Marketing
Check out our curated list of the real estate marketing resources you can start using today to supercharge all your marketing efforts, without emptying your bank account.
June 15th
10:00 am – 11:00 am
Republic Title Southlake Office

Backup, Contingent & Multiple Offers
APPROVED TREC CONTRACT COURSE
This class will prepare licensees to handle the unique aspects of backup, contingent and multiple offer transactions by reviewing pertinent TREC addenda along with critical dates and deadlines.
June 15th
10:00 am – 11:00 am
Zoom

Maximize Productivity with ChatGPT A Real Estate Agents Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
June 20th
2:00 pm – 3:00 pm
Republic Title North Coit Office

Maximize Productivity with ChatGPT A Real Estate Agents Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
June 21st
10:00 am – 11:00 am
Republic Title Preston Legacy Office

Step Up Your Instagram Game
In today’s real estate market, Instagram marketing is essential to showcasing who you are and connecting with your sphere. Are you ready to take your Instagram to the next level? Join us in this class for a complete guide to Instagram including ways to enhance your bio, tools for creating great content, how to target and attract buyers and sellers, and much more!
June 22nd
10:00 am – 11:00 am
Zoom

Virtual Listing Presentations Using Cloud CMA
Cloud CMA LIVE is designed to give REALTORS® a digital edge during their listing presentation, whether in person or virtually. Present and explain your knowledge of the real estate market clearly with a truly interactive experience and WIN your next listing.
June 27th
10:00 am – 11:00 am
Zoom