Republic Title, Author at Republic Title

Texas Housing Insight May 2023 Summary

Texas had an uptick in home sales in May. At the same time the level of active listings continued to drop, resulting in shorter market times to sell and price growth. The market time shrunk for the first time since March 2022, now standing at 56 days. The median price has steadily increased by 0.4 percent each month this year but is still $15,000 short of the record high level from a year ago.

Supply* Recedes after the Two-Year Boom

Single-family construction permits moderately declined less than one percent from the previous month to 12,305 units. Dallas and Houston both showed massive changes with Dallas declining by 13.3 percent to 3,159 permits, while Houston surpassed its 2022 building permits by 5.8 percent to 4,546 permits. The issuance difference ballooned quickly from 136 permits in April to more than 1,300 permits in May. Austin and San Antonio moderately changed with Austin rising by 4.3 percent to 1,068 units, while San Antonio decreased by 8.8 percent to 684 units. The split between the four major metros was the cause for Texas’ moderate decrease in May.

Single-family construction starts rose for the second month to 10,725 units in May. Despite the recent rebound, the number of construction starts shrank more than 20 percent compared with a year ago. Dallas recorded the only increase this month in the Texas Triangle with a 6.2 percent increase to 7,258 units. Construction generally hits a seasonal low in winter and peaks in spring or summer.

The state’s total single-family starts value reached $12.8 billion in May, a decline from $19.7 billion recorded in 2022. Investment value contracted in all four major metros, with Houston suffering the largest loss. The energy hub had a substantial 39.1 percent decrease in single-family starts value from January to May compared with the previous year. This was equivalent to a net loss of $2.3 billion worth of real estate investment. While the housing market underwent a cooldown, the rental market displayed Texans’ consistent need for extra space. Multifamily starts value inched up by 3.1 percent year-to-date (YTD), and Dallas and Houston—the two most populated metros—contributed mostly to the growth.

The number of active listings continued its downward trajectory, reaching 79,278 units, representing a decrease of just over 1 percent from the previous month. The big four metros recorded the largest drops in listings while the rest of Texas counteracted their decrease that kept the statewide change at only a slight decrease from April 2023. The number of new listings increased just over 2 percent to 37,812 units, with Houston accounting for the only increase. Months of Inventory (MOI) dipped to 2.6 months. This trend is in large part due to Dallas and Houston’s MOI decreasing by 8 percent and 19 percent, respectively.

Housing Market Sees Shortened Sale Time for First Time in 14 Months

Total home sales recovered half of the losses from April’s month-over-month (MOM) slump and expanded to 28,933 transactions, equivalent to a 5.3 percent MOM increase (Table 1). All four metropolitan areas experienced significant growth in sales volume. Austin showed the highest monthly elevation with a double-digit growth rate, catching up to San Antonio’s sales level with over 2,900 transactions. Houston had the second most impressive rate at 8.2 percent, bridging the gap between Dallas’ single-family transactions.

Sales in Houston rose across all price cohorts in May, with the most significant rises in the two tails—below $200,000 and above $750,000—both of which rose over 20 percent. However, compared with May 2022, sales for all price cohorts decreased, especially for homes priced over $300,000.

Texas’ average days on market (DOM) retreated for the first time since March 2022, falling three days to 56, straying away from the historical norms rate that it was approaching. Compared with the five-year average of 59 days before 2020, the lack of available homes in the market is becoming more competitive for buyers as three out of the four major metros recorded a decrease in DOM. Dallas recorded the biggest drop to 51 DOM, over a 7 percent decrease from the previous month. Houston and San Antonio were the only two MSAs that did not record a downtick, as the readings balanced at 52 and 68 days, respectively.

Prices Make Steady, Small Gains Despite Volatility in Sales

Texas’ median home prices exhibited strength with consistent increases throughout the year. The price rose steadily by 0.4 percent every month since the beginning of 2023, progressing from $331,900 in January to $337,700 in May (Table 2). Despite marginal downticks in Austin, Dallas, and San Antonio, growth in Houston along with the rest of the state maintained the state’s overall price growth.

Texas, as well as all four major metropolitan areas, experienced lower in median home prices compared with the previous year. Austin saw decreases of 15.3 percent, while Dallas, San Antonio, and Houston saw decreases of 5.9 percent, 4.4 percent, and 3 percent, respectively. These price drops indicate the real estate industry is still in the process of recovering from the price correction observed in the second half of 2022.

Because of the price correction, housing appreciation slowed. The Texas Repeat Sales Home Price Index accounts for compositional price effects and provides a better measure of change in single-family home values. The Texas index was mostly the same, gaining 0.1 percent year over year (YOY). The only metro with annual appreciation was Houston, which recorded a 1.5 percent YOY increase. Similar to the state’s median price trend, the four metros all recorded steady growth for the past five consecutive months.

Mortgage rates typically follow Treasury rates. The ten-year U.S. Treasury Bond yield grew 11 basis points MOM to reach 3.6 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate increased moderately to 6.43 percent, up nine basis points from April.

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

Source – Joshua Roberson, Weiling Yan, and Koby McMeans (July 11, 2023)

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

Republic Title’s Annual Stuff The Bus School Supply Drive

We are excited to kick off our Annual Stuff the Bus School Supply Drive and invite you to join us in donating school supplies for local children in need! Each Republic Title office has a collection box and we will be collecting from Monday, July 10^th – Monday, July 31st.

Most needed items:

Composition notebooks
Glue sticks & glue bottles
Crayons
Pencil sharpeners
Dry eras markers with fine tip
Plastic folders with brads
Fidget toys
Small toys for student incentive store

Feel free to purchase in store and bring to any Republic Title office or purchase from our Amazon list

Thank you for helping us ensure every child has the tools they need in order to succeed this school year!

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:

Instagram Reels for Real Estate Agents
If you’re looking to connect with more buyers and sellers while growing your brand, then Instagram Reels could be for you. Reels is a powerful way to cast a larger net to grow your followers and to showcase your listings to a wider audience. In this course you will learn the quick and easy steps to create a reel and given examples of content ideas so you can get started today.
July 11th
11:30 am – 12:30 pm
Reunion, 121 Shoreview Drive, Rhome TX 76078

Online Contracts via zipForm®
Join us to learn the basics of using Lone Wolf Transactions, zipForm® Edition (formerly zipForm® Plus). zipForm® enables real estate agents to quickly and efficiently create digital transaction files, complete and fill in contract details, attach documents and even get them electronically signed by buyers, sellers and other parties involved in a real estate transaction.
July 12th
10:00 am – 12:00 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.
July 12th
2:00 pm – 3:00 pm
Zoom

Dominate Your Neighborhood Using Realist® Tax
Become an expert on your neighborhood by learning how to efficiently use Realist® Tax, available in your NTREIS Matrix dashboard, to its full potential!
In this class, you’ll learn how to use Realist® Tax to:
– Research listings and off-market property information
– Assess market conditions and trends
– Identify comparable sales
– Market to buyers and sellers
– Create custom exports for spreadsheets and mailing labels
July 19th
10:00 am – 11:00 am
Zoom

Escape Hatches For Buyers
APPROVED TREC CONTRACT COURSE
In this class licensees will become familiar with specific conditions & contingencies within the contract and related addenda that, if not adhered to, could result in a Buyer’s valid termination of the contract.
July 20th
10:00 am – 11:00 am
Zoom

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.
July 25th
10:00 am – 12:00 pm
Republic Title Prosper Office

Creative Financing Pitfalls in a High Interest Market
APPROVED TREC CONTRACT COURSE
In this class licensees will become familiar with specific conditions & contingencies within the contract and related addenda that, if not adhered to, could result in a Buyer’s valid termination of the contract.
July 26th
10:00 am – 11:00 am
Zoom

Target Professionals Using LinkedIn
With nearly 700 million members across the world, LinkedIn has changed the way professionals connect with their colleagues and network for business. With one in three professionals active on LinkedIn, you are sure to engage in meaningful business connections and generate leads when you use LinkedIn. Join us to learn how to become a proficient user, how to grow your connections and how to leverage LinkedIn in your real estate business.
July 26th
10:00 am – 12:00 pm
Republic Title Preston Legacy

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.

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

Source – Joshua Roberson, Weiling Yan, and 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

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

3 Things You Need To Know About Contingent Contracts

Next up in our Three Things video series are Republic Title’s Janet Allen and Sarah Mann discussing the three things you need to know about contracts contingent on the sale of a buyer’s current home.

In this informative conversation they discuss when the buyer must receive the proceeds of their sale, what happens when a seller accepts a back-up offer, and some situations that may cause a buyer default. With the market heating up, this information is vital for agents and their clients.

For more information and resources, visit republictitle.com