Texas-Housing-Insight-October-2024

Texas Housing Insight October 2024 Summary

by Real Estate ArticlesResourcesStats
October 2024 summary card title

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

October 2024 data dashboard: Total Home Sales +8.8%, Median Home Price $335,773, Mortgage Rates 6.4%, Single-Family Starts 8.7%

Home sales typically cool off by October, but this year is a little different with sales in both September and October higher than they were during the summer. The rate of new listings is still on the rise resulting in rising inventory levels. Home prices, on the other hand, have remained the same. Interest rates increased for the first time since spring 2024. Finally, new-home permits were flat this month, but housing starts made a strong month-over-month (MOM) push.

Sales Increase, New Listings follow

Unlike most years when sales activity is high in July and August and low in the last quarter, 2024 showed the opposite. Sales dipped in August and increased in October by 8.8 percent (28,859) (Table 1). San Antonio had the highest sales increase, reaching almost 17 percent (2,906), followed by Houston with 12 percent (8,066) and Austin at 7 percent (2,488). Dallas was the only city among the Big Four to see a decline in sales (1 percent, or 7,432).  

Table 1. Home Sales Volume containing data for September, October and MOM Change for San-Antonio-New Braunfels, Houston-Pasadena-The Woodlands, Texas, Austin-Round Rock-San Marcos, and Dallas-Fort Worth-Arlington

New listings have been increasing since July 2024 and continued to increase in October. Among the Big Four, Houston and San Antonio experienced MOM increases of 10.3 percent (14,627) and 8.6 percent (4,447), respectively. San Antonio has been almost at a vertical incline since mid 2024. Dallas and Austin grew by 7.3 percent (12,063) and 5 percent (3,774), respectively.  

The state’s average days on market (DOM) fell to 61 days in October, a two-day drop. Houston had the largest decrease—from 53 to 50 days, a 4.3 percent decrease. Austin also fell from 73 days to 71 days, a 3.3 percent decrease, followed by San Antonio, which went from 74 days to 73 days, a 2.1 percent decrease. Dallas was the only Big Four city to see an increase in DOM—from 54 to 56 days, a 4 percent increase.   

Texas’ number of active listings increased from 122,192 to 124,663 (2 percent). There has been no significant activity in October across the Big Four. Houston increased by 2.4 percent (30,345) followed by Dallas at 1.8 percent (28,704). Austin had a 0.6 percent decrease in active listings (28,704), while San Antonio had almost no activity, remaining at 14,000 listings. 

Statewide pending listings have decreased from 29,006 to 28,516, a 1.7 percent overall drop. Dallas saw a 5.4 percent increase in pending listings, from 7,717 to 8,133, followed by Austin at 2.4 percent (2,565). Dallas has been consistently increasing since August 2024. Houston rose by 2 percent (7,577), while San Antonio fell by 0.6 percent (2,854).

Interest Rates Bounce Back

Treasury and mortgage rates both increased in October with the average ten-year U.S. Treasury Bondyield up by 38 basis points, reaching 4.1 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose by 25 basis points to 6.43 percent. October was the first month of increase for both rates since spring 2024. Additionally, both rates have increased even as the federal funds rate has continued to drop.

New-Home Starts Rally

Statewide, building permits increased by 0.9 percent MOM in October. Except for Dallas, the Big Four had an upward trend with Austin at 17.7 percent, San Antonio at 7.6 percent, and Houston at 1.6 percent. Dallas fell by 8.6 percent.   

Seasonally adjusted statewide single-family starts increased 8.7 percent MOM to 14,332 units. Most of the Big Four had an uptick. San Antonio and Dallas had the highest increases at 30.3 percent (1,164) and 25.6 percent (3,813), respectively. Austin was up by 1.5 percent (1,555), while Houston fell 0.7 percent (4,393).

The state’s total value of single-family starts climbed from $25.4 billion in October 2023 to $32.07 billion in October 2024. Houston accounted for 35.3 percent of the state’s total starts value, followed by Dallas with 27.2 percent.

Home Prices Remain Steady

Texas’ median home price didn’t change in October, remaining at $335,000 (Table 2). Dallas grew the most—3 percent, from $393,340 to $404,995. Austin followed at 1.8 percent ($430,304 to $437,835). San Antonio rose by 0.3 percent, an increase slightly above $1,000, and currently stands at $306,624. Houston fell 0.1 percent to $337,852.   

Table 2. Median Housing Prices containing data for September, October, MOM Change for Dallas-Forth Worth-Arlington, Austin-Round Rock-San Marcos, San Antonio-New Braunfels, Texas, and Houston-Pasadena-The Woodlands.

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 October but increased 1.6 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average and fell by 1.5 percent YOY in October.

Source: Texas Housing Insight | Texas Real Estate Research Center (By Joshua Roberson, Rhutu Kallur, and Junqing Wu – January 13, 2025)

Sold house sign in Midwest suburban setting. Focus on sign.

What You Should Know About Buying a House in 2025

by Real Estate ArticlesTitle Information

As we welcome 2025, the North Texas real estate market is shaping up to be one of the best in the country. Ranked No. 1 for real estate investment in the Urban Land Institute’s annual Emerging Trends in Real Estate forecast, DFW continues to attract attention for its stability, affordability, job growth, and economic diversity. With several years as a top contender in this report, it’s no surprise that investors and homebuyers alike are keeping a close eye on the region. And if you are in the market to buy or sell a home this year, Republic Title is here to make your real estate transactions as smooth and successful as possible.

The Bigger Picture: A Balanced Market

DFW is one of the fastest-growing metro areas in the country, now home to more than 8 million people, according to the latest census estimates.

After several years of extreme market activity, the real estate landscape in North Texas is shifting to a more balanced, buyer-friendly environment.

Home prices across the metro area have remained mostly flat over the past year, and forecasts suggest this trend will likely continue into 2025.

One of the most significant developments for the housing market in 2024 has been the increase in inventory levels. According to Realtor.com’s September 2024 housing market report, active real estate listings in the DFW area surged by 50% year-over-year. This surge provides a much-needed boost to housing supply, giving homebuyers more options and greater negotiating power.

Pent-Up Demand from First-Time Buyers

A significant pent-up demand exists among young buyers and first-time homebuyers. In 2024, only 24% of homebuyers were first-time purchasers, a notable decline from previous years. Many younger buyers have been waiting on the sidelines due to high mortgage rates, limited inventory, and escalating home prices. However, as the market stabilizes, these buyers are expected to reenter in 2025, contributing to increased demand.

Price Reductions and Negotiating Leverage

Data from Redfin and other sources show that up to 40% of homes listed for sale in the DFW area have undergone a price reduction in recent months. The frequency of these price cuts has steadily increased since the start of 2024, signaling two key market shifts:

  1. Sellers are becoming more flexible when pricing their homes.
  2. Buyers have more negotiating power than they have in recent years.

This is a stark contrast to the market conditions seen in the post-pandemic housing frenzy, where bidding wars and skyrocketing prices left buyers scrambling. In 2025, buyers can approach the market with confidence, knowing they have more room to negotiate and less pressure to make hasty decisions.

Mortgage Rates: The New Normal

One of the most critical factors influencing home affordability is mortgage rates. Recent reports indicate that the Federal Reserve may implement fewer cuts to the federal funds rate than initially anticipated, focusing on maintaining stability in the economy. However, mortgage rates are expected to remain steady around 6%, reflecting the “new normal” for borrowing costs.

For buyers who have been sidelined by rising borrowing costs in recent years, the slight stabilization of rates, combined with stable home prices, makes homeownership more accessible and attractive heading into 2025.

Why DFW Continues to Shine

DFW’s appeal extends far beyond real estate. Its growing economy, favorable cost of living, and thriving job market make it a magnet for businesses and families. Industries like technology, logistics, healthcare, and finance continue to expand, attracting talent from across the country. This sustained population and job growth underpin the housing market’s resilience, ensuring demand for homes remains steady.

Furthermore, North Texas’ affordability relative to other major U.S. markets remains a significant advantage. Despite rising costs in recent years, DFW offers a quality of life and value that’s difficult to match in cities like Los Angeles, New York, or San Francisco. This affordability factor keeps DFW attractive to first-time buyers, move-up buyers, and real estate investors alike.

Key Predictions for 2025

Given the trends we’re seeing today, the following forecasts highlight what we can expect from the DFW real estate market in 2025:

  • Stable Home Prices: Home values are likely to remain flat or experience only modest gains, providing a balanced environment for buyers and sellers.
  • Increased Inventory: The supply of homes will continue to rise, giving buyers more choices and reducing competition.
  • Pent-Up Demand: More young and first-time buyers are expected to reenter the market, boosting activity and demand.
  • Mortgage Rates Around 6%: While federal funds rate cuts are anticipated, mortgage rates will likely stabilize at this new normal.
  • Buyer-Friendly Market: With sellers showing increased flexibility and price reductions becoming more common, buyers will have more negotiating power than they’ve had in years.

The North Texas real estate market remains a leader in 2025, offering stability, affordability, and opportunities for both buyers and investors. With increased inventory, pent-up demand, and a return to a more balanced market, the conditions are ripe for buyers to take advantage of this moment. If you’re looking to buy or sell in 2025, Republic Title would love to work with you. As your trusted title partner in North Texas, Republic Title is committed to making your real estate transactions smooth, efficient, and successful. Contact them today to learn how they can help you navigate this exciting market. Happy New Year!

Source: Republic Title Boils Down What You Should Know About Buying a House in 2025 – CandysDirt.com

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November 2024 DFW Real Estate Stats

by ResourcesStatsVideo

The Dallas-Fort Worth (DFW) residential real estate market showed notable year-over-year growth across key counties.

Collin County experienced a significant increase in new listings (up 19.6%), active listings (up 38.4%), and closed sales (up 22.5%), with an average sales price up 4.3% and days on market rising to 51.

Dallas County saw a modest rise in new listings (up 3.5%) and closed sales (up 3.9%), while active listings jumped 30.3%, days on market increased to 47, and average sales price edged up 1.3%.

Denton County recorded a 7.8% gain in new listings, a 25.3% boost in active listings, and a 9.4% rise in closed sales, with an average sales price climbing 7.7% and days on market reaching 59.

Rockwall County had substantial growth in new listings (up 18.5%) and closed sales (up 9.4%), with active listings up 27.5%, average sales price increasing 1.9%, and days on market at 71.

Tarrant County was the only area with a decline in new listings (down 2.3%), but it still saw a 9% rise in closed sales, a 6.7% increase in average sales price to $450,000, and a 24.4% rise in days on market to 51.

Overall, the market remains dynamic, with increasing inventory, longer selling times, and rising prices reflecting a shifting balance between supply and demand. The DFW Metroplex is poised to lead the nation as one of the hottest real estate markets in 2025, driven by robust demand, strong economic growth, and an influx of new residents and businesses. At Republic Title, we are ready to help you navigate this dynamic market with confidence. Our expert teams deliver seamless title and escrow services designed to protect your investments and ensure smooth transactions. Whether you’re building, buying, or selling, trust us to make your real estate experience the best it can be in this exciting year ahead. Happy New Year!

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.

Winterizing-your-home-2024

Winterizing Your Home

by Resources

CHECK THE EXTERIOR, DOORS AND WINDOWS

  • Inspect exterior for crevice cracks and exposed entry points around pipes; seal them.
  • Use weather stripping around doors to prevent cold air from entering the home and caulk windows.
  • Replace cracked glass in windows and, if you end up replacing the window, prime and paint exposed wood.

HVAC SYSTEMS

  • Get your HVAC system serviced, and have your duct work checked to be sure the air flow is uninterrupted and free of holes from pests.
  • Reverse all ceiling fans in the house. This will help push warm air downward and force it to recirculate.
  • Change the air filters in your home.
  • Check the cold air return vents and make sure they are not blocked by furniture. Your furnace needs these to operate at high efficiency.

SMOKE AND CARBON MONOXIDE DETECTORS

  • Install a carbon monoxide detector near your furnace and/or water heater.
  • Replace batteries in smoke and carbon monoxide detectors.
  • After replacing batteries, test all detectors to make sure they work.
  • Buy a fire extinguisher or replace your existing one if it is older than 10 years.

CHECK FOUNDATIONS

  • Rake away all debris and vegetation from the foundation.
  • Seal up entry points to keep small animals from crawling under the house.
  • Tuck-point or seal foundation cracks. Mice can slip through space as thin as a dime.
  • Inspect sill plates for dry rot or pest infestation.
  • Secure crawlspace entrances.

PREVENT PLUMBING FREEZES

  • Locate your water main in the event you need to shut it off in an emergency.
  • Shut off the water to your hose bibs inside your house (via a turnoff valve), and drain the lines. Then insulate the spigot itself.
  • Insulate exposed plumbing pipes that pass through unheated areas of your home, like the garage for instance.
  • Flush your water heater to remove built-up sediment.
  • If you go on vacation, leave the heat on, set to at least 55 degrees.

GET THE FIREPLACE READY

  • Cap or screen the top of the chimney to keep out rodents and birds.
  • If the chimney hasn’t been cleaned for a while, call a chimney sweep to remove soot and creosote.
  • Buy firewood or chop wood. Store it in a dry place away from the exterior of your home.
  • Inspect the fireplace damper for proper opening and closing.
  • Check the mortar between bricks and tuck-point, if necessary.

PREPARE LANDSCAPING & OUTDOOR SURFACES

  • Trim trees if branches hang too close to the house or electrical wires.
  • Turn off your sprinkler system.
  • Clear the gutters of fallen leaves and debris.
  • Ask a gardener when your trees should be pruned to prevent winter injury.
  • Plant spring flower bulbs and left bulbs that cannot winter over such as dahlias in areas where the ground freezes.
  • Seal driveways, brick patios and wood decks.
  • Move sensitive potted plants indoors or to a sheltered area.
2025-TREC-Contract-Changes

2025 TREC Contract Changes – Important Things You Need to Know & Highlights of the Changes

by Real Estate ArticlesResources

On November 4, 2024 the Texas Real Estate Commission adopted form revisions recommended by the Texas Real Estate Broker-Lawyer Committee. “The updated Condominium Resale Certificate (TREC No. 32-5) is a voluntary-use form. All remaining contract forms adopted by reference are available for voluntary use until January 3, 2025, when their use becomes mandatory.”

THE FOLLOWING FORMS HAVE BEEN UPDATED/CHANGED:

Purchase Contracts:

Addendum & Amendments:

Other:

HIGHLIGHTS OF THE 2025 TREC CONTRACT CHANGES

 T-47 & T-47.1

Which Form(s) and Section(s)?

Unimproved Property Contract (TREC 9-17), One to Four Family Residential Contract (Resale) (TREC 20-18),  New Home Contract (Completed Construction) (TREC 24-19), Farm and Ranch Contract (TREC 25-16)Paragraph 6C

What’s changed?

To be consistent with a recently updated Texas Department of Insurance procedural rule, Paragraph 6C(1) is amended to include the option of providing the T-47.1 Declaration (which does not need to be notarized)—in lieu of the T-47 Affidavit—when the Seller furnishes the Buyer an existing survey. In lieu of providing a “no survey required” option, Paragraph 6C(2) is amended to read “Buyer may obtain a new survey” instead of “Buyer shall obtain a new survey”, and adds that if the Buyer ultimately fails to obtain the survey, the Buyer does not have the right to terminate the contract under Paragraph 2B of the Third Party Financing Addendum because the survey was not obtained.

Mold Remediation Certificate

Which Form(s) and Section(s)?

Most Contract Forms including One to Four Family Residential Contract (Resale) (TREC 20-18), Paragraph 6E

What’s changed?

Because Texas law requires a seller to provide a buyer a copy of any mold remediation certificate issued during the five years preceding the sale of the property, new Paragraph 6E(11) is added to provide information regarding this requirement (except in the Unimproved Property Contract).

 Termination due to lack of Buyer Approval for Third Party Financing

Which Form(s) and Section(s)?

Third Party Financing Addendum Paragraph 2A
What’s Changed?

In the Third Party Financing Addendum, to ensure the buyer is terminating appropriately, Paragraph 2A, Buyer Approval, has been changed to require both a notice of termination and a copy of a written statement of the lender’s determination like in Paragraph 2B, Property Approval.

 Option and Earnest Money in a Back-Up Contract

Which Form(s) and Section(s)?

Addendum for “Back-Up” Contract, Additional language added in Sections A thru F.

What’s Changed?

The Addendum for “Back-Up” Contract is modified to provide more clarity on the timing and payment of the earnest money and option fee by incorporating similar language from Paragraph 5 of the contract and by addressing timing and payment of additional fees.

Visit the TREC website for all the updated forms, listed changes and red-lined versions:

https://www.trec.texas.gov/article/trec-form-changes-effective-january-3-2025

For a PDF download of these changes in a printer-friendly format, click here.

2024-DFW-Area-Tax-Rates

2024 DFW Area Tax Rates

by Resources

The 2024 DFW Area Tax Rates are now available!  Visit our website at www.republictitle.com/tax-information to download the full PDF including tax rates for Collin County, Dallas County, Denton County, Grayson Country, Hunt County, Johnson County, Kaufman County, Parker County, Rockwall County, Tarrant County, and Wise County.

For more details, visit each counties’ appraisal district website using the contact information listed below:

Collin County Central Appraisal District | www.collincad.org
Dallas County Central Appraisal District | www.dallascad.org
Denton County Central Appraisal District | www.dentoncad.com
Grayson County Central Appraisal District | www.co.grayson.tx.us
Hunt County Central Appraisal District | www.hctax.info
Johnson County Central Appraisal District | www.johnsoncad.com
Kaufman County Central Appraisal District | www.kaufman-cad.org
Parker County Central Appraisal District | www.parkercountytx.com
Rockwall County Central Appraisal District | www.rockwallcad.com
Tarrant County Central Appraisal District | www.tad.org
Wise County Central Appraisal District | www.isouthwestdata.com

Selling-out-of-an-Estate

Selling an Estate After a Death

by Real Estate ArticlesResourcesTitle Information

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

Print Version

City-fast-Facts-Website-Thumbnail-Graphics-Addison

Spotlight on Addison

by Resources

Click here for a printable version of the Addison 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.

Addison, Texas, is a vibrant suburb located just north of Dallas, known for its lively atmosphere and strong sense of community. The town is home to numerous restaurants, entertainment venues, and popular events, including the annual Addison Kaboom Town! fireworks show. With its mix of residential, commercial, and green spaces, Addison offers a dynamic living experience, making it an appealing destination for both professionals and families seeking convenience and entertainment in the Dallas-Fort Worth area.

POPULATION

17K

AVERAGE HOUSEHOLD INCOME

$94K

MEDIAN AGE

33

HOUSING

18% OWN
82% RENT

AVERAGE SALES PRICE

$465K

AREA ACTIVITIES & FEATURES

• CAVANAUGH FLIGHT MUSEUM
• VITRUVIAN PARK
• THE SELFIE BAR
• ADDISON CIRCLE PARK
• MARY KAY MUSEUM
• ADDISON IMPROV
• ADDISON THEATRE CENTRE
• TK’S COMEDY
• BECKERT PARK
• BOWLERO
• PANIQ ROOM
• THE AMERICAN FALLEN SOLDIERS NATIONAL GALLERY

FAVORITE LOCAL DINING & DRINK SPOTS

• LA SPIGA • MESERO • IDA CLAIRE • TABLE 13 •
• BRENTWOOD • HUDSON HOUSE • STIRR • OSTERIA PANE
VINO • KENNY’S WOOD FIRED GRILL • GYU-KAKU • SUPER
CHIX • NEIGHBORHOOD SERVICES • CANARY • MERCY
WINE BAR • LA LA LAND KIND CAFÉ • ZOLI’S NY PIZZA
• QUEEN OF SHEBA • LAZY DOG RESTAURANT & BAR •
• ARTHUR’S STEAKHOUSE • SIDECAR SOCIAL • VINETTI’S •
• VITRUVIAN PARK TAVERN • VIDORRA • PETE’S DUELING
PIANO BAR • BITTER SISTERS BREWERY • NATE’S SEAFOOD
& STEAKHOUSE • THE MIDWAY POINT • FAST FURIOUS •

FAVORITE LOCAL SHOPPING

• HOUSE OF HAUTE • THE GALLERIA • COTTONWOOD
MARKET • ADDISON TOWN CENTER • NEIGHBORHOOD
STORE & LONE GALLERY • VILLAGE ON THE PARKWAY •
• ADDISON WALK

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 60 MINUTES
• DALLAS LOVE FIELD AIRPORT | 45 MINUTES
• DFW INTERNATIONAL AIRPORT | 25 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 40 MINUTES
• DOWNTOWN FORT WORTH | 20 MINUTES

Texas-Housing-Insight-September-2024

Texas Housing Insight September 2024 Summary

by Real Estate ArticlesResourcesStats

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

The third quarter ended with an increase in home sales. Pending sales had a stronger increase, which could mean another positive month in October. Home prices increased slightly, and new listings decreased after stronger growth earlier in the year. In the new-home market, both permits and starts dipped in September. Growth was exceptionally strong for both in the spring, but the pace has since leveled out. 

Sales Increase, New Listings Dip 

After a dip in August, statewide seasonally adjusted home sales increased by 4.8 percent month over month (MOM), resulting in 26,165 homes sold (Table 1). Houston had the largest increase among the Big Four at 11.6 percent (7,150), followed by Dallas at 4.6 percent (7,202) and Austin at 2.6 percent (2,331). San Antonio was the only one among the Big Four to have a decrease in September (10.3 percent), resulting in 2,523 homes sold.   

The number of new listings decreased by 490, marking a 1.1 percent fall from August. After Hurricane Beryl, which hit Texas in early July, new listings in Houston plummeted but bounced back in August. Even without the hurricane, the rate of new listings statewide appears to have slowed down after an aggressive start of the year. San Antonio saw an increase of 2 percent (4,104), followed by Austin at 1.2 percent (3,587). Houston and Dallas both decreased by 4 percent each at a current new listing count of 13,412 and 11,002, respectively. 

The state’s average days on market (DOM) has remained at 62 days since August. Austin had the largest increase—from 71 to 73 days, a 2.8 percent increase. San Antonio increased from 75 to 76 days. Dallas fell from 55 days to 54 days while Houston remained at 53 days.   

Texas’ number of active listings increased from 120,019 to 122,760 (2.3 percent). Active listings across the Big Four had mixed results in September, with Dallas and Houston rising at 4.7 (28,191) and 4.3 percent (29,724), respectively, while Austin fell by 2.7 percent (11,153). San Antonio had no significant changes and increased by only 0.15 percent.   

Statewide pending listings have increased from 26,933 to 28,779, which represents 6.9 percent overall. Houston saw a significant increase in pending listings from 7,298 to 8,455 (a 15.8 percent rise), followed by Dallas at 8.2 percent (7,348). San Antonio and Austin had less fluctuation. San Antonio rose by 1 percent (2,702), and Austin fell by 0.5 percent (2,552).  

Interest Rates on the Decline 

Treasury and mortgage rates both declined in September but at a slower rate than the month before. The average ten-year U.S. Treasury Bondyield fell 15 basis points to 3.72 percent and has consistently been on the downward slope since April of 2024 September saw the lowest rates since June 2023. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell by 32 basis points to 6.18 percent. The Federal Reserve slashed the federal funds rate by 50 basis points and has suggested at least one more rate cut this year.  

Single-Family Permits Fall

Statewide, building permits decreased by 1.2 percent MOM in September. Except for San Antonio, which was up 1.2 percent, the Big Four had a downward trend with Dallas falling 5.4 percent (4,021), Austin 3.4 percent, and Houston 1.2 percent.    

Single-family construction starts fell after monthly increases since July 2024. Seasonally adjusted statewide single-family starts decreased 2.7 percent MOM to 13,170 units. Most of the Big Four fell in September. Dallas fell the most at 8.8 percent (3,126), followed by Houston at 3.7 percent (4,463) and Austin at 1.6 percent (1,524). San Antonio, meanwhile, increased by 4.1 percent (895). 

The state’s total value of single-family starts climbed from $22.77 billion in September 2023 to $28.9 billion in September 2024. Houston accounted for 35.6 percent of the state’s total starts value followed by Dallas with 27 percent.  

Home Price Rose Slightly

Texas’ median home price rose 0.9 percent MOM in September from $334,836 to $337,698 (Table 2). San Antonio grew by 2.9 percent at $307,363 and Houston by 1.3 percent at $337,651. Austin dipped by 1.6 percent to $430,011 while Dallas fell by only 0.1 percent to 394,079.   

The Texas Repeat Sales Home Price Index (Jan 2005=100), which is a more accurate reflection of home price changes, fell 0.4 percent MOM in September but increased 1.7 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average and fell by 0.9 percent YOY in September. 

Source: Texas Housing Insight | Texas Real Estate Research Center