TaxCut

Texas House and Senate Agree to Largest Property Tax Cut in Texas History

On August 9th, Governor Greg Abbott ceremonially signed legislation delivering the largest property tax cut in Texas history – $18 billion – passed during Special Session #2 of the 88th Legislature in New Caney. Under Senate Bill 2 and Senate Bill 3, $18 billion of Texas’ historic budget surplus will be allocated toward driving down school district property tax rates, increasing homestead exemptions for Texas homeowners, and increasing Franchise Tax exemptions and appraisal caps for small businesses.

Senate Bill 2 provides property tax relief through tax rate compression, an increase in the homestead exemption, and a pilot project limiting the growth in appraised values. For tax year 2023, this will save the average Texas homestead owner over $1,200. Texas homestead owners over 65 or with a disability will see over $1,400 in savings.

Senate Bill 3 law increases the Franchise Tax “no tax due” threshold to $2.47 million and removes burdensome filing requirements for those who do not owe tax. 

The constitutional amendment to provide the largest property tax cut in Texas history will be added to the Texas Constitution if approved by a simple majority of Texas voters on November 7, 2023.

For more information, visit Governor Abbott Signs Largest Property Tax Cut In Texas History | Office of the Texas Governor | Greg Abbott

Slide1

July 2023 DFW Real Estate Stats

July 2023 brought distinct trends to the real estate markets of Collin, Dallas, Denton, Rockwall, and Tarrant Counties. Collin and Dallas Counties experienced an 18% decrease in new listings, coupled with increased days on the market (63% and 65% respectively).

While average sales prices surged in Dallas County (8%), Collin County witnessed a 5% rise in price per square foot, offset by slight decreases in average sales price and number of sales. Denton County faced a significant 24% decline in new listings, accompanied by a notable 119% increase in days on the market.

Although average sales prices and price per square foot increased (2% and 4% respectively), sales decreased by 7%. Rockwall County encountered reduced new listings (13%) and an extended period on the market (68%). While active listings rose (4%), average sales prices dropped by 11.5% and the number of sales decreased by 14%. Tarrant County saw a 23% decline in new listings and a substantial 113% rise in days on the market. Active listings decreased by 2.6%, average sales prices dipped by 1.3%, and the price per square foot increased by 2.5%, resulting in a significant 12.7% reduction in the number of sales.

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.

Texas-Housing-Insight-June-2023

Texas Housing Insight June 2023 Summary

Contrary to investors’ fears, the “housing bubble” did not burst. Instead, a harmonious decline in both supply and demand has struck a balance, resulting in a boost to the housing median price. Throughout the first half of 2023, Texas’ median price has consistently shown a 0.3-0.4 percent growth every month. Due to current owners’ reluctance to sell their existing property, the demand for new construction has significantly increased. This preference shift led to a swift climb in the market share of new construction, which surpassed 20 percent in June. 

Active Listings  Rebound for First Time in Eight Months

The number of active listings rose for the first time since November 2022, reaching 82,064 units after a 3.9 percent month-over-month (MOM) growth. However, none of the Big Four metros recorded a positive monthly gain. The boost of available homes primarily came from the smaller housing markets, such as El Paso, Killeen, Midland, and Texarkana. The number of new listings increased by 6.7 percent to 40,800 units, accounting for half of active listings. All major metros bucked the trend of acceleration with growth ranging from 3.3 percent to 8.9 percentCorrespondingly, months of inventory (MOI) had a marginal gain of 0.1 months.

Regarding the upcoming inventories, Texas’ single-family construction permits had their second decline in three months, dropping by 2 percent in June. While the number of permit applications has significantly shrunk from the frenzy of applications during the pandemic, permit issuance seems to be returning to the ten-year trend before the pandemic.

At the metro level, Houston had the largest demand for permits with 4,500 issuances in June, maintaining the same level as in May. Dallas and Austin both had a mid-single-digit reduction, falling to 3,480 and 1,040 units, respectively. In contrast, San Antonio’s permit demand was rising this year, jumping from 500 units in January to 840 units in June. Permit demand remains significant in the Texas housing market.

Despite the fall in permits, single-family construction starts rose for the third consecutive month to 11,240 units. Both Dallas and Houston had more than 3,500 houses break ground, surpassing the combined total of other metros outside the “Big Four.” While the number of home projects in Austin (1,540 starts) outpaced San Antonio (804 starts), the gap has gradually narrowed as permit demand accelerated in San Antonio. The overall trend indicates a positive momentum in the Texas single-family construction market.

The state’s total single-family starts value reached $15.9 billion year-to-date (YTD), indicating a decline from $23.2 billion recorded in 2022. Houston and Dallas continue to account for more than half of the state’s construction activity values. Dallas’ share of the Texas market rose to 27.5 percent, coming close to Houston’s share of 28 percent. 

Housing Market for New Construction Is Booming

As mortgage rates remain elevated, homebuyer demand has decreased, leading to a drop in Texas’ total home sales, which fell below 28,000 transactions in June (Table 1). This represented a decline of 3.2 percent MOM and 11.8 percent year over year (YOY). Among the four major metros that reported fewer monthly sales, Austin declined the most with a double-digit reduction.

 

Despite the challenge of high mortgage rates and reduced housing demand, the market share of new construction sales surged. Within a year, the share of new construction sales rose from 16.3 percent to more than 20 percent, indicating every five closed listings is a new home. Both demand and supply factors contributed to the increasing trend for new homes. The shortage of existing homes is due to current owners’ reluctance to give up their current homes, while the state’s consistent home demand, fueled by a growing population, is spurring new construction orders.

Texas’ average days on market (DOM) stayed at 56 for the second straight month, deviating from the steep rebounding trend observed for over a year. The current reading is merely three days short of the five-year average before 2020, which stood at 59 days. The consistent reading suggests that the housing market may have reached a state of equilibrium. Among the major metros, Austin and San Antonio both reported a DOM of 71 days, while Dallas and Houston had DOM figures of 52 days and 49 days, respectively.

Steady and Modest Price Gains Amid Sales Volatility

Texas’ median home prices continued to show its strength by increasing 0.3 percent to $337,900 (Table 2). Austin recorded the largest monthly gain of 4.2 percent, reaching a price peak in the past nine months. The remaining three metros recorded changes of less than 1 percent.

Despite Austin’s price hike in June, this metro was still close to 10 percent below last year’s record high, facing the largest price gap. Meanwhile, Dallas, Houston, and San Antonio had less than 5 percent to bridge. These price drops indicate the real estate industry still has room to recover from the price correction observed in the second half of 2022.

The Texas Repeat Sales Home Price Index, which accounts for compositional price effects and provides a better measure of change in single-family home values, showed a slight advance of 0.3 percent MOM and 0.1 percent YOY. Houston had the highest annual appreciation with 1.6 percent YOY increase, while Austin remained balanced with no YOY changes.

Mortgage rates typically follow Treasury rates, and both increased in June. The ten-year U.S. Treasury Bond yield grew 18 basis points, reaching 3.8 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate increased moderately to 6.7 percent, up 28 basis points. With the Fed resuming their increasing of interest rates in July, both the bond and the mortgage rates also grew.

____________________
* 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 (August 15, 2023)

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

Meet-the-Teacher

Meet the [Republic Title] Teacher with Annette Carvalho-Jordan

In celebration of Back to School season, we want to take this opportunity to highlight Republic Title’s teacher/trainer Annette Carvalho-Jordan. Annette has been teaching for over 25 years and is known as an industry expert in real estate, social media, marketing trends, and new technology to help real estate agents with their business. Join us as we “Meet the Teacher” with Annette and learn more about her favorite classes, funniest moment teaching, and her favorite tech tools.  

  1. What classes do you find the most helpful/beneficial for agents?  Considering the extensive list of classes we offer, the most beneficial would really depend on the expertise level of the agent and their specific needs.  However, some universally beneficial topics might include:  1) Mastering the MLS.  Republic Title offers everything from Basic to Advanced Matrix classes, and we dive even deeper with additional classes on the MLS Dashboard including Stats and Lead Generation.  2) zipForm/DocuSign/Authentisign.  Facilitating digital transactions is essential, however these tools continue to change and evolve. Agents must know these tools inside and out to have the confidence needed to push through deals effectively and efficiently. 3) Social Media and other trending Tech like ChatGPT.  In today’s digital era and with AI having a stronger presence now more than ever, staying up to date is critical. Our classes help agents leverage various social media and trending tech to market their services, engage with potential clients, and stay updated with industry trends.
  2. What are the benefits of taking Republic Title education classes?  I think it boils down to 3 important things:  1) Expert Guidance: Our classes are led by industry veterans who have a wealth of knowledge and experience in real estate and understand how it applies to the day-to-day tasks of a real estate professional; 2) Practical Application: The courses we offer at Republic Title are designed to be hands-on and practical. We understand that the best way to learn is by doing, so our classes give agents the opportunity to practice their skills in real-world scenarios; 3) Stay Ahead of the Curve: The real estate industry is constantly evolving, especially with advancements in technology. Our classes help agents stay updated with the latest tools, trends, and best practices in the industry.
  3. What are the three classes you think every agent should take at least once?  I truly believe that all our classes offer unique benefits and insights. Each course has been carefully designed and materials updated/revised to reflect the most recent developments to meet the evolving needs of real estate professionals. I recommend that every agent explore the full range of classes we offer (whether that be a tech class, or an attorney led class) at least once to truly maximize their potential in this dynamic industry.
  4. Any funny or interesting stories from one of your classes?  In one of my classes, I was teaching the use of mapping through one of the CMA tools. I was showing the mapping feature and I accidentally entered the coordinates for a location halfway across the world instead of a local property. The whole class had a good laugh (including me) when we ended up with our subject property being in Hawaii and our comps being in Texas!  It turned into a great teaching moment of the importance of double-checking all your input. 
  5. How long have you been with Republic Title and what led you to being in the education team?  I have been with Republic Title for 9 years (10 years in February 2024).  My journey towards the education team was driven by my passion for both the real estate industry and teaching for over 25 years.  I realized that technology plays a significant role in the real estate industry, and I wanted to leverage that in my career and help others. Joining the education team at Republic Title allowed me to do exactly that. Now, I can share my knowledge, learn from others, and contribute to the professional growth of real estate agents in North Texas.
City fast Facts Website Thumbnail Graphics-02

Spotlight on Bishop Arts Neighborhood

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.

Bishop Arts, located in the Oak Cliff neighborhood of Dallas, Texas, is a trendy and eclectic district known for its artistic vibe and unique character. It is home to a vibrant mix of boutiques, art galleries, cafes, and restaurants that showcase local talent and creativity. With its colorful murals, charming streets, and a lively atmosphere, Bishop Arts offers visitors a one-of-a-kind experience filled with shopping, dining, and cultural exploration.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

3.8K

AVERAGE HOUSEHOLD INCOME

$65K

MEDIAN AGE

26

HOUSING

56% OWN
64% RENT

AVERAGE SALES PRICE

$429K

AREA ACTIVITIES & FEATURES

• BISHOP ARTS THEATRE CENTER
• TASTE OF BISHOP ARTS DISTRICT TOUR

FAVORITE LOCAL DINING & DRINK SPOTS

• 303 GRILL • BISHOP CIDER CO. • BOULEVARDIER •
• DUDE SWEET CHOCOLATE • EMPORIUM PIES • ESPUMOS CAFFE • ENO’S PIZZA TAVERN • HUNKY’S HAMBURGERS • NEIGHBORHOOD CELLAR • ODDFELLOWS • RED PEGASUS COMICS • STOCK & BARREL • TEN BELLS TAVERN • THE WILD DETECTIVES • TRIBAL ALL DAY CAFÉ • WHITEHALL EXCHANGE •

FAVORITE LOCAL SHOPPING

• AJ VAGABONDS
• ALL GOOD THINGS
• BISHOP STREET MARKET
• CIGAR ART
• FETE-ISH
• HOME ON BISHOP
• HARKENSBACK
• INDIGO
• LAUGHING WILLOW
• M’ANTIQUES
• {NEIGHBORHOOD}
• OASIS PLANT SHOP
• SOCIETY
• WE ARE 1976

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 12 MINUTES
• DALLAS LOVE FIELD AIRPORT | 32 MINUTES
• DFW INTERNATIONAL AIRPORT | 35 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 25 MINUTES
• DOWNTOWN FORT WORTH | 45 MINUTES

**Print Version

fyQWveaBTeABn69VsR86_MA_CH_Crew

Welcome Will Hodge To Our Castle Hill Team

Please help us in welcoming Will Hodge, Lisa Suges and Summer Holbrook as the newest additions to our Republic Title Castle Hills team! Will, pictured with Castle Hills Branch Manager Gail Smith and Business Development Representative Melissa Smith, brings 26 years of title insurance experience to our Castle Hills team and is known for going above and beyond for his clients.
 
As of August 1st, the Republic Title MacArthur team has merged with the Republic Title Castle Hills team and is now located at 4400 State Highway 121, Suite 210, Lewisville, TX 75056. For more information, please visit republictitle.com/castle-hills
Class-Calendar-Blog-Header

August Class Calendar

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

It’s All Foreign to Me
This class will cover many areas of a transaction involving a non-US citizen including Foreign Investors Real Property Tax Act (FIRPTA), Foreign Wills, Mexican Matricula Consular and Foreign Acknowledgments.
August 8th
10:00 am – 11:00 am
Zoom

Matrix MLS – Auto Emails, Contacts, Client Portals
Join us for an in-depth overview of setting up automatic emails based on your client’s custom search, manage emails/contacts as well as client portals in the Matrix MLS System.
August 10th
10:00 am – 12:00 pm
Zoom

DFW Stats and Trends at Your Fingertips
Successful agents know their local markets. Whether used in a casual meeting, a listing presentation or on social media, knowing how to produce market reports is essential. Join us to learn how to generate current and relevant monthly/annual stats using all the tools available to you through NTREIS.
August 15th
10:00 am – 11:00 am
Zoom

Home Surveillance-Legal Issues
Join us for this class which focuses on the specifics of home surveillance and potential legal issues that arise from unlawful recordings of video or audio or both when an agent is showing a house or listing a house.
August 17th
10:00 am – 11:00 am
Zoom

Death, Divorce & Real State
Join us to learn important laws surrounding death and divorce such as separation, homestead issues, community property and probate.
August 17th
12:00 pm – 1:00 pm
Republic Title Prosper Office

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!
August 17th
10:00 am – 11:00 am
Republic Title Castle Hills Office

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.
August 17th
12:00 pm – 2:00 pm
Republic Title Castle Hills Office

Creative Financing Pitfalls in a High Interest Rate Market
All licensees must be prepared to handle aspects of special types of financing. This class focuses on the specifics of alternative types of financing such as Seller Financing, Loan Assumption, and Lease to Own and discusses types of financing to avoid.
August 24th
10:00 am – 11:00 am
Zoom

City fast Facts Website Thumbnail Graphics-01

Spotlight on Arlington

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.

Arlington is a vibrant city located between Dallas and Fort Worth. Known as the “Entertainment Capital of Texas,” Arlington is home to major attractions such as Six Flags Over Texas and AT&T Stadium, where the Dallas Cowboys play. The city also boasts a thriving cultural scene, with museums, theaters, and a lively downtown area, making Arlington a hub of excitement and entertainment.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

933K

AVERAGE HOUSEHOLD INCOME

$82K

MEDIAN AGE

33

HOUSING

56% OWN
44% RENT

AVERAGE SALES PRICE

$369K

AREA ACTIVITIES & FEATURES

• SIX FLAGS OVER TEXAS
• AT&T STADIUM
• GLOBE LIFE FIELD
• HURRICANE HARBOR
• VILLAGE CREEK NATURAL AREA
• DALWORTHINGTON GARDENS
• ARLINGTON MUSEUM OF ARTS
• ALLEY CATS ENTERTAINMENT
• EPIC WATERS INDOOR WATERPARK
• UTA PLANETARIUM
• VANDERGRIFF ENTERTAINMENT PARK

FAVORITE LOCAL DINING & DRINK SPOTS

• CAMPE VERDE • TEXAS LIVE • DIVISION STREET DINER •
• ISTANBUL GRILL • DIVISION BREWERY • DINO’S SUBS •
• TASTE OF EUROPE • PICCOLO MONDO • SUSHI DOMO •
• MERCURY CHOPHOUSE • THE TIPSY OAK • J R BENTLEY’S •
• BUTTERMILK SKY PIE SHOP • MARIANO’S HACIENDA •
• J GILLIGANS BAR & GRILL • LOCKHART SMOKEHOUSE •
• HURTADO’S BBQ • J R BENTLEY’S • BFF ASIAN GRILL •

FAVORITE LOCAL SHOPPING

• ANYTHING GOES • PARK ROW GIFT SHOPS •
• GRACIE LANE BOUTIQUE • HANK & ELLIE •
• ATTIC SALT GIFT SHOP • ARLINGTON HIGHLANDS •
• WONDROUS WORKS IN WOOD • WILDFIRE & LACE •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 27 MINUTES
• DALLAS LOVE FIELD AIRPORT | 29 MINUTES
• DFW INTERNATIONAL AIRPORT | 19 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 7 MINUTES
• DOWNTOWN FORT WORTH | 21 MINUTES

**Print Version

Slide1

June 2023 DFW Area Real Estate Stats

The Dallas real estate market has seen fluctuations in different counties, as of the latest available data. In Collin County, new listings have declined by 21.5%, with closed sales down by 3.7%, and the median sales price experiencing a 5.1% decrease. Similarly, Dallas County has witnessed a decline of 19.3% in new listings, a significant drop of 12.1% in closed sales, and a minor decrease of 0.8% in the median sales price.

Denton County, on the other hand, has experienced a decrease of 19.7% in new listings, while closed sales have surprisingly increased by 1.2%. However, the median sales price in Denton County has still seen a downturn of 1.2%. Tarrant County has seen the steepest decline in new listings at 22.6%, coupled with a significant drop of 10.2% in closed sales and a median sales price decrease of 4.3%. Lastly, Rockwall County has experienced a substantial decline of 25.2% in new listings, a notable drop of 19.5% in closed sales, and a 2.2% decrease in the median sales price.

Overall, these statistics indicate varying trends in the Dallas real estate market, with some counties witnessing significant declines in both new listings and closed sales, while others show mixed results. The changes in median sales prices are also noteworthy, showcasing the complexities and challenges the local real estate market is currently facing. As the market continues to evolve, it will be essential for potential buyers and sellers to stay informed with the most up-to-date data and trends from Realtor professionals to make informed decisions in this dynamic environment.

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.