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September 2022 DFW Area Real Estate Stats

October 24, 2022

by Republic Title Real Estate Articles Resources Stats

September 2022 Stats are IN!

In Collin County, all arrows point up with regard to new and active listings, average sales price, average price per square foot and days on market. The number of sales is down about 26% from 2021. In Dallas County, new listings are down 5.5% from this time last year, along with the number of sales down almost 23% from 2021. The number of active listings is up 22.5% from last year, along with increases in days on market (up 27%), averages sales price (up 9%) from the prior year and prices per square foot (up 16%). Denton County sees the biggest increase in active listings up over 100% from last year, along with increases in new listings, average sales price, average price per square foot and days on market. Not surprisingly, we see much of the same statistics in Rockwall and Tarrant Counties.

The good news is that buyers have more options than they did in 2021. However, even with the increased inventory, there is still only an average of 2.5 month supply in all counties (according to NTREIS TRENDS report) which still makes it very much a sellers’ market in North Texas (with people still moving here)! Happy Selling!

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 NAMED ONE OF THE DALLAS BUSINESS JOURNAL’S BEST PLACES TO WORK FOR 2022.

October 20, 2022

by Republic Title Inside Republic Title

Republic Title was named the #1 Best Place to Work in North Texas in the Large Company category by the Dallas Business Journal on October 20th as part of their Best Places to Work program.

The Dallas Business Journal is pleased to announce the 20th annual Best Places to Work Awards. The list of winners was whittled down from well over 300 nominated firms. These businesses had the highest employee survey scores among their peer companies in their size category.

Selected companies were divided into five size categories based on employee count. On October 20th, the Dallas Business Journal will honor its 2022 Best Places to Work class at a luncheon at the Renaissance Dallas at Plano Legacy West Hotel.

For more information on this year’s Best Places to Work honorees, visit: https://www.bizjournals.com/dallas/news/2022/09/01/best-places-to-work-large-extra-large-2022.html

Republic Title Frisco Named a 2022 Faces of Frisco Business

October 19, 2022

by Republic Title Inside Republic Title Real Estate Articles Resources

We are excited to announce that the Republic Title Frisco office was recently named a 2022 Faces of Frisco business!

Republic Title is proud to be the leading title insurance company in Frisco and is committed to providing customers with exceptional service when handling the transfer of title and protecting their financial investment in a property. Buying or selling a home is the largest transaction most of us will make in our lives and Republic Title is the smart option for protecting your property rights.

Founded in 1991, Republic Title is proud to have our corporate headquarters in Collin County. With over 230 collective years of title insurance experience in the Frisco office, we have been named a “Best Place to Work” by the Dallas Business Journal and a “Top Workplace” by the Dallas Morning News for eight years in a row. Republic Title was also named “Best Title Company” in Frisco/Plano by Living Magazine.

At Republic Title, the mission is to add value to every customer we serve trough Proven Experience, Dedicated Service, and Lasting Relationships. Count on the experienced team at Republic Title to be your trusted partner when buying or selling a home, refinancing an existing mortgage, or obtaining a construction loan.

To view the October issue of Frisco Style and see all 2022 Faces of Frisco business, click here.

Spirit Of RTT Winners

October 17, 2022

by Republic Title Inside Republic Title

Each year Republic Title recognizes three employees with the Spirit of Republic award. This award is presented to employees who go above and beyond for the company and their co-workers. Each of these winners truly lives out Republic Title’s mission of adding value to every customer we serve through Proven Experienced, Dedicated Service and Lasting Relationships.

Our 2022 winners are:

⭐Commercial Division Winner: Alan Henderson (pictured with Republic Title President Bo Feagin)
⭐Residential Division Winner: Blair Meador
⭐Support Division Winner: Rico Walker

Thank you to these three amazing employees who have gone above and beyond and truly exemplify the spirit of Republic Title!

Texas Housing Insight August 2022 Summary

October 5, 2022

by Republic Title Real Estate Articles Resources Stats

The pandemic-induced housing frenzy is easing as the Fed’s aggressive monetary policies directly affect the housing market. Mortgage interest rates rose from 2.84 to 5.22 percent in the past year. Amid these robust rate increases, Texas’ housing market quickly dialed back sales while supplies have gradually accumulated. Despite the slowdown, inventory levels remain below historical levels, and prices are still high. While prices have dipped some in recent months, they still remain considerably high compared with before the pandemic. As of August, Texas’ median price remains 11.4 percent elevated from a year earlier.

Supply¹

Interest rates continued to increase following more aggressive Federal Reserve intervention. Despite mounting interest rate pressure, Texas’ single-family construction permits recovered 12,500 permits in August, rising 9.3 percent month over month (MOM). Permits rebounded in three of the state’s four largest metros (San Antonio being the exception). Houston (3,700) and Dallas (3,693) had the most permits, while Austin (1,609) and San Antonio (681) followed third and fourth in the state. Meanwhile, Texas’ single-family construction values continued to fall by double digits, tumbling to a two-year low. All major metros reported double-digit negative year-to-date (YTD) growth.

Permits for Texas’ multifamily sector corrected. After July’s abnormally high request of 12,500 construction permits, 9,000 permits were issued in August.

Total overall housing starts in the Southern Census Bureau Region also recovered some in August with 885,000 new starts. However, single-family housing starts, which account for the biggest share of the overall count, remained 100,000 units short of the year-ago average with 530,000. August’s boost could be partially explained by declining input costs such as lumber. The lumber producer price index (PPI) decreased for the third time in a row in August.

In the existing-home market, the state’s current supply has accumulated throughout the summer. Active listings rose more than 30,000 units since May. This loosening up of housing availability indicates a break-through considering the distinctly low inventories of the past two years. Texas’ housing supply, which had been below two months of inventory (MOI) from November 2020 to June 2022, ticked up to 2.4 months. San Antonio led with 2.7 months, and Dallas remained the tightest with two months (Table 1). The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

Demand

As a result of higher mortgage rates, housing demand has fallen, and homes are sitting on the market longer. Sales improved slightly in August (5 percent MOM) from July’s steep decline, reaching a seasonally adjusted rate of 29,300 sales. Overall home sales have been in freefall since around April. At the current rate, 2022 sales will likely fall short of 2021. According to the Center’s Data Relevance Program, the sales level was down 16.3 percent from a year earlier.

Sales in all major metros remained low as mortgage pressures rattled buyers. Austin and Houston’s closed listings were most affected with a 20 percent year-over-year (YOY) reduction, while DFW and San Antonio pulled back more than 10 percent. Existing-home sales, which make up 80 percent of Texas’ housing market, inched down for the seventh straight month. Texas’ marginal recovery in August was concentrated in the remaining 20 percent of the housing market, where Dallas’ new-construction market had double-digit growth.

Texas’ average days on market (DOM) was 38 days, up from 29 days in March. However, compared with the five-year average of 57 days between 2014 and the early 2020s, the relatively short time suggests a persistent imbalance between sellers’ and buyers’ bargaining-power. Amid slowing sales, Austin’s market reacted most aggressively, doubling the listing time in the past five months, while DFW reacted most moderately.

When days on market are differentiated based on the home market, the existing homes’ DOMs are conspicuously lower than new homes’. This could possibly be due to differing price points as new homes tend to be more expensive than the average existing-home listing. Categorized by price cohorts, homes priced between $300K and $500K had the shortest listing time, taken off list in 34 days.

Prices

The downward trend for Texas’ median home price continued in August. The state’s seasonally adjusted median price was $342,000, falling more than $10,000 in three months. Prices dropped in all metros except San Antonio, which advanced $2,000 this month (Table 2). Dallas and Houston, Texas’ two largest MSA areas, reported modest declines of $2,000, while Austin took the biggest hit of $11,000. Although housing prices are recently under correction, they remain much elevated from year-ago prices, accelerating 11.4 percent YOY. Even for Austin, the price in this much-affected market was up 5.5 percent YOY.

The Federal Reserve is expected to impose more forceful monetary policies throughout the latter half of this year and likely into the upcoming year to combat inflation. While the ten-year U.S. Treasury bond yield persisted at 2.9 percent², the two-year counterpart continued to march upward. The spread between the ten-year and the two-year bond yields dipped further in the negative territory, indicating the market’s economic uncertainties about the near future. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate refrained from June’s high of 5.52 percent and slipped 30 basis points in the past two months. The last time the mortgage rate was over 5 percent was 2009. For more information on the effect of mortgage interest rates on purchase affordability, see “How Higher Interest Rates Affect Homebuying.”

The Texas Repeat Sales Home Price Index, which accounts for compositional price effects, corroborated the trend of depreciation. The index’s monthly decline was the second in a row. Annual appreciation slowed to 12.1 percent YOY in August compared with 20.4 percent YOY growth in January. While Dallas’ home price index remained above the state average, Austin’s YOY rate fell to a single digit, behind Houston’s yearly growth and down to the slowest appreciating metro.

Household Pulse Survey

According to the U.S. Census Bureau’s Household Pulse Survey, in spite of rising mortgage rates, the share of Texas homeowners current on their mortgage payments improved 60 basis points in August, and the percentage of people who were behind shrunk to 4 percent (Table 3). This implies that while the overall economy continues to decline, homeowner financial health has so far remained robust. Houston owners’ bolstered ability to pay their mortgage resulted in an increase in the state’s average owned free/clear homes ratio. On the other hand, when asked about future payments, fewer Texas homeowners were confident that they would not face foreclosure. The proportion of delinquent individuals at risk of foreclosure shot up 80 basis points to 8 percent (Table 4).

_________________

¹ All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.

² Bond and mortgage interest rates are nonseasonally adjusted.

Source – Joshua Roberson, Weiling Yan, and John Shaunfield (September 29, 2022)

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

October Landscape & Gardening Tips & To-Do’s

October 3, 2022

by Republic Title Resources

Need help planting a successful garden or landscape? Here are some October planting tips from the Dallas Arboretum horticulture staff and the Dallas County Master Gardeners that can help keep your home garden looking beautiful this Fall. Cool seasonal planting should be your focus in October.

Start planning your purchase of pre-chilled, spring-blooming bulbs, like tulips, daffodils, and hyacinths.
Start planting cool season annuals, such as pansies, ornamental kale, and snapdragons.
Plant herbs like cilantro and parsley now for harvesting through the fall and winter months.
Keep newly planted trees, shrubs, perennials, and seasonal color watered to help them establish.

October Class Calendar

September 30, 2022

by Republic Title Ask the Expert Education Technology

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

The Real Deal – Bring It All Together: Title & Resources
In this class, you’ll discover the tools and resources that will make you a valuable resource to your clients. Learn about some of the best marketing resources available to real estate agents for marketing your personal brand and your business.
October 4th
10:00 am – 11:00 am
Zoom

Title Commitment 101
This class focuses on understanding the groundwork done in creating the Title Commitment, what agents should look for and what questions to ask. We will provide licensees with a basic understanding of crucial documents and the role they play enabling them to detect potential problems.
October 5th
10:00 am – 11:00 am
Zoom

**SOLD OUT** Tax Planning Program Specifically For Real Estate Agents
Join us for a Lunch and Learn with special guests from Greenlight Tax Group. They’ve designed a tax planning program specifically for REALTORS. They will share strategies to help you minimize your tax liability and keep more of what you make year after year. Please register in advance, as seats are limited.
October 5th
11:00 am – 1:00 pm
Republic Title Park Cities

Up and Away with Cloud CMA
Join us for a condensed view of the products within Cloud CMA in the NTREIS Matrix MLS System including generating personalized buyer/seller reports.
October 6th
10:00 am – 11:00 am
Zoom

TREC Legal Update
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.
October 11th
10:00 am – 2:00 pm
Republic Title Uptown

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.
October 12th
10:00 am – 11:00 am
Zoom

Matrix MLS-Advanced
Agents will be shown advanced features available in the NTREIS Matrix MLS System including reverse prospecting, custom displays, market reports, speed bar, mapping/layers, statistics, exports, etc.
October 18th
10:00 am – 12:00 pm
Zoom

Boost Your Business With Remine
Join us for an overview of Remine; a powerful map-based search tool accessible through the NTREIS portal. This class will demonstrate Remine’s intuitive platform that reimagines the MLS and helps to solve and analyze some of the biggest challenges real estate agents face today.
October 19th
10:00 am – 11:00 am
Republic Title Park Cities

Capture More Clients
Agents will be shown the various tools and landing pages available in the NTREIS MLS system that could be used to attract more business and help generate leads from buyers and sellers.
October 20th
10:00 am – 11:00 am
Republic Title Prosper

**SOLD OUT** Tax Planning Program Specifically For Real Estate Agents
Join us for a Lunch and Learn with special guests from Greenlight Tax Group. They’ve designed a tax planning program specifically for REALTORS. They will share strategies to help you minimize your tax liability and keep more of what you make year after year. Please register in advance, as seats are limited.
October 21st
11:00 am – 1:00 pm
Republic Title Park Cities

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.
October 27th
11:00 am – 11:00 am
Republic Title Southlake

To see a current list of available classes and to register, please visit www.republictitle.com/residential-education.

North Texas Giving Day

September 22, 2022

by Republic Title Inside Republic Title Resources

Today is North Texas Giving Day and we are excited to raise awareness for 5 local non-profits that we are proud to support.

For more information on North Texas Giving Day, visit https://www.northtexasgivingday.org/

For more information on these organizations, please read below.

Bonton Farms

Bonton Farms is an agricultural intervention driven by the mission to restore lives, create jobs and ignite hope in a once forgotten and neglected neighborhood with some of the most marginalized people.

Visit bontonfarms.org

Carry the Load

Carry the Load provides active ways to honor and remember our nation’s heroes by connecting Americans to the sacrifices made by our military, veterans, first responders and their families.

Visit carrytheload.org

Elevate Dallas

Elevate Dallas’ mission is to build long-term, life-changing relationships with urban youth, equipping them to thrive and contribute to their community.

Visit elevatedallas.org

Genesis Women’s Shelter

At Genesis Women’s Shelter it is their mission to provide safety, shelter and support for women who have experienced domestic violence, and to raise awareness regarding its cause, prevalence and impact.

Visit genesisshelter.org

Presbyterian Night Shelter

Presbyterian Night Shelter is Tarrant County, Texas’ largest provider of services to residents who are experiencing homelessness, with a “housing first” approach designed to address root causes from a place of strength and stability.

Visit journeyhome.org

Promise House

Promise House moves youth in crisis toward safety and success through crisis intervention, emergency shelter and long-term housing, case management and counseling services, education services, advocacy and outreach.

Visit promisehouse.org

August 2022 DFW Area Real Estate Stats

September 20, 2022

by Republic Title Resources Stats Video

August 2022 Stats are IN! Here are the highlights! In Collin County New listings are slightly down, while Active listings are up quite a bit from last year. The days on market, average sales price and price per square foot are also up as we are all aware, with the actual number of sales down about 21% from 2021. In Dallas County, the new listings are also down slightly with Active listings up with similar percentages to Collin County. The days on market, average sales price and price per square foot are also up in Dallas with the number of sales down about 15% from last year. The statistics are about the same in Denton and Rockwall counites as you can see. In summary, while the market is definitely slower than 2021, we are still experiencing a shortage of homes for sale in the entire metroplex which makes it a great time be in the business in North Texas! Happy sharing and selling!

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Texas Housing Insight July 2022 Summary

September 19, 2022

by Republic Title Real Estate Articles Resources

Aggressive central bank policy continues to drag down the housing market, stalling the previously hot streak of housing sales. The housing sector continues to show signs of easing as housing inventories recover and home prices depreciate. Amid a statewide retreat in construction permits, the elevated demand for construction suggests many prospective homebuyers might be putting off their big-item purchases. Sales of homes below $300,000, an attractive market for first-time buyers and younger households, diminished more than sales of higher-priced homes.