In 2024, the North Texas real estate market has shown notable changes compared to 2023, with all major counties experiencing increases in new listings and active inventory.
In Collin County, new listings have risen by 11.7%, while the average days on market have increased significantly by 44%. Active listings in this county have surged by 46.5%, indicating a more favorable environment for buyers. Dallas County has seen a very similar trend, with new listings up by 11.8% and the average days on market rising by 46.4%. Tarrant County and Denton County have experienced smaller increases in new listings at 4.8% and 7.8%, respectively. The average days on market in this county have increased by 20.6% in Tarrant County and 12.8% in Denton County. An increase in active listings suggests a more favorable environment for buyers but longer days on market may mean that sellers need to adjust their pricing expectations.
A significant development influencing the market is the recent Federal Reserve rate cut announced on September 18th. This decision may have far-reaching implications for mortgage rates and overall buyer sentiment. As we approach the fourth quarter of this year, it will be interesting to see how this rate cut affects buyer activity and market dynamics in North Texas.
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.
Click here for a printable version of the Southlake 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.
Southlake is an upscale city known for its luxurious homes, exceptional schools, and high-end shopping destinations. With its meticulously manicured neighborhoods and a strong emphasis on quality of life, Southlake offers residents a blend of sophistication and suburban comfort. The city’s thriving community spirit, beautiful parks, and recreational amenities make it a desirable place to live for those seeking an affluent and family-friendly environment.
POPULATION
AVERAGE HOUSEHOLD INCOME
MEDIAN AGE
HOUSING
AVERAGE SALES PRICE
• BICENTENNIAL PARK
• BOB JONES NATURE CENTER
• LAKE GRAPEVINE
• MARSHALL CREEK RANCH
• WIDOWMAKER TRAIL RIDES
• SOUTHLAKE TOWN SQUARE | SHOPPING & DINING
• STUDIO ART HOUSE
• LIBERTY PARK AT SHELTONWOOD
• DRUNKEN COW BBQ • CALABRESE •
• SCRATCH CATERING & FINE FOODS •
• FEEDSTORE BBQ & MORE • MALAI KITCHEN •
• MI COCINA • TAVERNA ROSSA • TRUFIRE KITCHEN •
• TRULUCK’S • HOPDODDY • MANGO’S BREAKFAST •
• WILDWOOD SOUTH
• SOUTHLAKE TOWN SQUARE
• GATEWAY PLAZA
• KIMBALL OAKS
• PARK VILLAGE
• SHOPS OF SOUTHLAKE
• DOWNTOWN DALLAS | 30 MINUTES
• DALLAS LOVE FIELD AIRPORT | 27 MINUTES
• DFW INTERNATIONAL AIRPORT | 12 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 25 MINUTES
• DOWNTOWN FORT WORTH | 30 MINUTES
When it comes to real estate transactions, few documents are as important as the title commitment. This essential document, provided by the title company, serves as a roadmap for all parties involved, outlining the state of the property’s title and highlighting any potential issues that may need to be addressed before closing. At Republic Title, we understand that the title commitment can seem complex and daunting, but we’re here to simplify the process and ensure that your transaction proceeds smoothly.
In this article, we’ll break down the components of a title commitment, explain their significance, and highlight why choosing Republic Title as your trusted partner can make all the difference in your real estate journey.
A title commitment outlines the conditions under which a title insurance company will issue a title insurance policy. It discloses the current state of the title to the property, listing any liens, defects, or obligations that may affect the property’s ownership. The commitment is a crucial part of the due diligence process, providing transparency and protecting all parties involved in the transaction.
The title commitment is comprised of sections, known as Schedules A, B, C, and D. Each of these schedules serves a specific purpose, offering detailed information that is important to the successful completion of the transaction.
Schedule A is often referred to as the “Who, What, Where, and How Much” section of the title commitment. It contains the key facts about the transaction, including:
This section is important because it ensures that all the basic details of the transaction are accurate and align with the terms of the contract. At Republic Title, we recommend that all parties carefully review Schedule A to confirm that the information is correct. If any discrepancies are found, it’s essential to address them promptly with your title company to avoid
delays.
Schedule B lists the general and specific exceptions to the property that may limit a buyer’s use of the property or give others the right to use all or a portion of the property. The buyer takes the property subject to these exceptions and they are not covered by the title insurance policy.
This section may include:
This section is critical because it informs the buyer of any potential issues or obligations that could affect their ownership of the property. Understanding these exceptions is key to making an informed decision.
Schedule C outlines any issues that must be resolved before the title can be transferred to the new owner. These issues, known as “clear to close” items, might include:
All items listed in Schedule C must be addressed and cleared before closing can proceed. Republic Title is dedicated to helping you resolve these issues efficiently, ensuring that your transaction stays on track and that you can close on your property without unnecessary delays.
Schedule D provides transparency regarding the amount of the title insurance premium as well as ownership of the title company and details all parties who will share in the insurance premium collected to issue the policy. This section typically includes:
A title commitment is a vital document that plays a crucial role in the success of any real estate transaction. By understanding its components and working with a trusted title company like
Republic Title, you can ensure that your transaction proceeds smoothly and without unexpected surprises. From verifying the accuracy of Schedule A to clearing any issues on Schedule C,
Republic Title is here to guide you every step of the way. Whether you’re a first-time homebuyer, a seasoned investor, or a real estate professional, Republic Title is your go-to resource for proven experience and dedicated service. For more information, visit republictitle.com.
Source: Understanding Title Commitments with Republic Title – CandysDirt.com
July saw an increase in home sales and a sharp rise in building permits. The previous month’s decline was partly due to fewer business days, which led to a spillover of activity in July. New listings fell almost 10 percent, but active listings fell by less than 1 percent, possibly due to the counteracting increase in sales for the month.
Texas bounced back over June’s low sales with a 15.4 percent month-over-month (MOM) increase in seasonally adjusted home sales in July, resulting in 27,049 homes sold (Table 1). Houston experienced the largest increase among the Big Four at 21.7 percent (7,500), followed by Dallas (7,595) and San Antonio (2,807), which increased by 18.1 and 16.2 percent, respectively. Austin had the lowest sales change of the Big Four with a 13.9 percent increase, resulting in 2,378 homes sold in July.
New listings fell by more than 4,000, a 9.8 percent drop from June. Houston, with 9,739 listings representing a 24.7 percent drop, was a major contributor to this decline, followed by Austin with 2,853 listings (18.8 percent drop). San Antonio (4,041) and Dallas (9,774) also experienced similar declines of 14 and 12 percent, respectively. Overall, the Big Four is seeing a downward shift in new listings that had been on the rise until April 2024, when they hit their high for the year so far.
The state’s average days on market (DOM) remained unchanged at 59 days in July. San Antonio had the largest decrease—73 to 71 days, a 2 percent decline. Similarly, Austin dropped from 68 to 67 days. Dallas and Houston, on the other hand, have not shown any major changes.
Texas’ number of active listings went down from 116,335 to 115,865 (0.4 percent). Active listings across the Big Four were mixed in July with Dallas, San Antonio, and Austin increasing by 4.7 percent (26,013), 2.4 percent (13,907), and 2 percent (11,426), respectively, while Houston fell 8.5 percent (27,503).
Statewide pending listings in Texas have been on the decline since earlier this year with 4,292 fewer pending listings in July than in February, when they peaked at 29,274. San Antonio and Houston had the highest declines—8.4 percent (to a current 2,515) and 7 percent (6,686), respectively. Dallas had a smaller decline of 2.9 percent (6,837) while Austin (2,355) hasn’t had any major changes.
Treasury and mortgage rates both declined in July but as a slower rate than the month before. The average ten-year U.S. Treasury Bond yield fell 6 basis points to 4.25 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell by 7 basis points to 6.85 percent.
Texas’ monthly building permits bounced back in July, increasing 26.3 percent MOM after dropping 19 percent in June. All Big Four metros had growth except for San Antonio, which fell by 12.3 percent. Austin and Dallas grew the most at 28.3 percent and 71 percent, respectively. Both almost reached the April high point. Houston, however, failed to grow at the same rate as the others, rising only 6 percent.
Single-family construction starts have been on the decline since March 2024. Seasonally adjusted statewide single-family starts decreased by 4.3 percent MOM to 12,542 units. The Big Four have been in decline with Houston leading at 12 percent, San Antonio at 6 percent, and Dallas at 1.8 percent. Austin has been relatively steady with only a 1 percent fall.
The state’s total value of single-family starts climbed from $17.39 billion in July 2023 to $22.91 billion in July 2024. Houston accounted for 35.7 percent of the state’s total starts value followed by Dallas with 27.1 percent.
Texas’ median home price rose 1.4 percent MOM in July from $332,866 to $337,382. Houston rose by 1.5 percent at $341,283 while San Antonio rose by 1 percent at $311,140. Austin rose by 0.3 percent. Dallas was the only one among the Big Four that had a slight decline of 0.3 percent.
The Texas Repeat Sales Home Price Index (Jan 2005=100), which is a more accurate reflection of home price changes, fell 0.3 percent MOM in July but increased 1.4 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average and fell by 3.2 percent YOY in July.
Source:
Source: Texas Housing Insight | Texas Real Estate Research Center (tamu.edu)
BY JOSHUA ROBERSON, RHUTU KALLURWESLEY MILLER (September 9, 2024)
Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in September for classes including:
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!
September 3rd
10:00 am – 11:00 am
Zoom
Dodging Contract Danger Zones
APPROVED TREC CONTRACT COURSE
This class focuses on specific sections within the TREC 1-4 Family Contract and other related contract forms that licensees should have a clear understanding of in order to steer clear of potential challenges.
September 11th
10:00 am – 11:00 am
Zoom
Selling Out of an Estate
Join us to learn the requirements for selling real estate if title is held by an estate or there has been a death of a seller.
September 12th
10:00 am – 11:00 am
Republic Title Preston Legacy
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.
September 17th
10:00 am – 11:00 am
Zoom
Economic Update
Join Republic Title and Prime Lending for an Economic Forecast where we will discuss how mortgage rates are set and where they are going, how the Fed’s actions affect mortgage rates, the National/Texas/Dallas County Real Estate Market and Economic Trends.
September 17th
10:00 am – 11:00 am
Republic Title Park Cities
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.
September 18th
10:00 am – 11:00 am
Zoom
Know Your Market Data & Trends
Successful agents thrive by understanding their local markets inside and out. Whether you’re in a casual meeting, a listing presentation, or engaging on social media, having the ability to produce accurate and insightful market reports is crucial. Join us in this class, “Know Your Market Data and Trends,” where you’ll learn how to generate current and relevant monthly and annual statistics using the various tools available through NTREIS.
September 18th
11:00 am – 12:00 pm
Republic Title Frisco
Sowing Success: Farming with Realist Tax
Elevate your local market expertise with our deep dive into Realist® Tax, a powerful tool within your NTREIS Matrix dashboard designed to give you the knowledge and skills needed for effective farming and marketing strategies!
September 19th
10:00 am – 11:00 am
Republic Title Preston Legacy
Statutory Tax Districts and Disclosures
APPROVED TREC CONTRACT COURSE
Throughout this course, participants will acquire a comprehensive understanding of the significance of disclosing information related to statutory tax districts and public improvement districts. They will be instructed in the most effective methods for identifying whether a property falls within such districts and will become familiar with the appropriate disclosure forms to utilize.
September 24th
10:00 am – 11:00 am
Zoom
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!
September 25th
11:30 am – 12:30 pm
Republic Title Prosper