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Texas Housing Insight April 2024 Summary

June 24, 2024

by Republic Title Real Estate Articles Resources Stats

Seasonally adjusted housing sales bounced back in April following March’s decline. New listings
grew for the fourth month in a row resulting in the total active listings count growing to its highest level since July 2012. Home prices remained the same at $340,000 for the second month in a row.

New Home Listings on the Rise

Texas witnessed a 5.9 percent increase in total seasonally adjusted home sales month over month (MOM), resulting in 29,212 homes sold (Table 1). All the major cities saw a slight increase in home sales. Previously, San Antonio had the highest decline at 9.2 percent, but looks to be recovering at an increasing rate of 8 percent—the highest among the Big Four, followed by Dallas at 4 percent.

New listings have been steadily increasing from December to April (2.8 percent) with only a slight decline of 0.5 percent in March. The April 2024 number stands at 47,000. Among the Big Four, Dallas has been declining for two months and is currently at 11,523 new listings. Austin, however, has increased by 25 percent between January and April.

The state’s average days on the market remained unchanged at 57. Austin fell by almost four days while Dallas rose by less than one. San Antonio is the only Big Four metro to experience an increase of a little over three days. As of April, San Antonio had the highest days on market of the Big Four, at 72 days. Austin followed at 66 days. Houston had the lowest at 46 days.

The number of active listings went up from 106,428 to 111,707 (4.9 percent) following the increase in new listings. Pending listings during April went up by only 0.6 percent. This growth was driven largely by Houston (10 percent) but offset by Dallas (5.6 percent) and San Antonio (3.3 percent). The Big Four experienced an upward trend in active listings with an addition of 1,555 for Austin (16.5 percent). Houston experienced a similar increased trend in active listings (10.7 percent) with an addition of 2,788 listings, almost five times that of the previous month. Dallas and San Antonio experienced relatively modest increases of 8.2 percent and 2 percent, respectively.

Interest Rates on the Rise

Treasury and mortgage rates remain below their peak 2023 levels but have been increasing since the start of the year. The average ten-year U.S. Treasury Bond yield jumped almost 33 basis points to 4.54 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose by 17 basis points to 6.99 percent.

Housing Highlight

The housing market may be adjusting to a new normal that is characterized by an average 30-year fixed mortgage rate above 6 percent. Despite the persistence of higher mortgage interest rates, Texas’ residential mortgage activity is steadily improving as more pre-approved customers are searching for homes. Texas’ robust labor market and general economic strength are supporting housing demand despite scattered signals of financial distress across the nation. Financial vulnerability (e.g., rising credit card delinquencies) are currently concentrated on the lower end of the income distribution, where households are less likely to be prospective homebuyers. While that credit-health distinction somewhat shields the home-purchase market, it has broader implications for housing affordability and may carry consequences for the future economy.

Single-Family Starts Declining

Texas’ number of single-family construction permits increased by 0.9 percent MOM, reaching 13,805 issuances. After a massive dip in March, Houston has increased by almost 30 percent while all other major cities experienced moderate changes. Austin was the only city that had a fall of 5.9 percent (1,411) while San Antonio and Dallas experienced slight increases of 3.5 percent (953) and 1.6 percent (4,063), respectively.

Construction starts reduced according to data from Dodge Construction Network. Seasonally adjusted single-family starts decreased by 15.1 percent MOM to 13,731 units. Part of the pullback could be because February was such a strong month for starts, signaling an earlier-than-normal start to the construction home season. Houston had been experiencing an almost vertical increase from 56.8 percent in February, which began to slow down and has declined by 25.2 percent, while Dallas increased slightly by 10.7 percent (4,052). In contrast, Austin and San Antonio saw declines of 17.5 percent and 4.6 percent, respectively.

The state’s total value of single-family starts climbed from $9.15 billion in April 2023 to $13.19 billion in April 2024. Houston accounted for 36.2 percent of the state’s total starts value. Starts value activity is up from last year as Austin and San Antonio also posted moderate increases.

Home Prices Stabilizing

Texas’ median home price has remained stable at approximately $340,000 for two months (Table 2). However, across most major metropolitan areas, home prices saw a decline. Notably, Austin experienced an increase of 5.1 percent, moving the price from $421,572 to $443,247. Austin had the highest increase among the four major cities with a price change of $21,675. Prices increased by 2.1 percent in Houston and by a mere 0.7 percent in Dallas. San Antonio is the only city among the Big Four to experience a decline (0.9 percent).

The Texas Repeat Sales Home Price Index (Jan 2005=100) grew 0.9 percent MOM and 2.6 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average, falling by 2 percent YOY.

Texas Housing Insight March 2024 Summary

May 29, 2024

by Republic Title Real Estate Articles Stats

Seasonally adjusted housing sales fell in March following February’s growth. Despite the drop, three months into the year cumulative sales are at the same level as last year. Home prices on the other hand remained the same at $340,000 for the second month in a row.

Texas Housing Insight is a summary of important economic indicators that help discern trends in the Texas housing markets. All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month-over-month, unless stated otherwise.Data current as of March 22, 2024.

Seasonally adjusted housing sales fell in March following February’s growth. Despite the drop, three months into the year cumulative sales are at the same level as last year. Home prices, on the other hand, remained the same at $340,000 for the second month in a row.

Home Sales Retreat from February’s Gains

Texas witnessed a 7.1 percent decrease in total seasonally adjusted home sales month over month (MOM), resulting in 27,595 homes sold (Table 1). Although most major cities experienced an upward trend in February, there was a slight downturn across the board in March. Notably, San Antonio saw the most significant decline at 9.2 percent, representing a decrease of over 296 sales compared to February. Conversely, Dallas-Fort Worth had the smallest decline, with only 259 fewer sales (a 3.2 percent decrease).

After a consistent increase in new listings from December to February, Texas experienced a slight dip, declining from 45,696 to 45,448 listings (0.5 percent). Among the major cities, only San Antonio defied the trend, maintaining stable new listings. However, both Dallas and Houston saw significant drops. Dallas witnessed a reduction of 2,399 listings (17.2 percent), while Houston experienced a decrease of 1,394 listings (9.8 percent).

The state’s average days on the market (DOM) decreased by one day from 57 to 56. Austin fell by almost ten days while Dallas fell by a mere two days. There weren’t any notable changes in Houston and San Antonio. Statewide inventory increased from 3.9 to 4.1 months.

The number of active listings went up from 101,933 to 106,269 (4.2 percent) despite the slight decline in new listings. One explanation for the increase could be the sudden decrease in pending listings, which fell 6.2 percent. The Big Four experienced an upward trend in active listings with an addition of 334 for Austin (3.6 percent). Both Dallas and Houston experienced a similar increased trend in active listings by 2.2 percent with an addition of 524 and 570, respectively. San Antonio experienced a modest increase of 226 (1.8 percent).

Interest Rates on the Rise

Treasury and mortgage rates remain below their peak 2023 levels but have been increasing since the start of the year. The average ten-year U.S. Treasury Bondyield stayed at 4.21 for the second consecutive month. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose by 4 basis points to 6.82 percent.

Single-Family Starts Stabilizing in March

Texas’ number of single-family construction permits increased by 2.6 percent MOM, reaching 14,013 issuances. In Houston, there was a significant decline of 24.1 percent compared to the previous month. In contrast, Austin and San Antonio saw more modest increases, with 2.1 percent and 5.5 percent, respectively. Dallas permits decreased by 5.2 percent.

Construction starts rose alongside permits, according to data from Dodge Construction Network. Single-family starts rose by 2.6 percent MOM to 16,104 units. Houston had been experiencing an almost vertical increase from 56.8 in February, which is slowly reducing. It currently stands at 9.6 percent in March. San Antonio had a modest increase of 2.9 percent, and Austin rose by 15.8 percent. Dallas had surprisingly no change after the previous month’s 42 percent increase.

The state’s total value of single-family starts climbed from $6.55 billion in March 2023 to $9.51 billion in March 2024. Houston accounted for 36.6 percent of the state’s total starts value. Starts value activity is up from last year as Austin and San Antonio also posted moderate increases.

Home Prices Decline

Texas’ median home price remained stable at approximately $340,000 compared to the previous month (Table 2). However, across most major metropolitan areas, home prices saw a decline. Notably, San Antonio experienced an increase of 4.2 percent, while Austin had the highest decline among the four major cities at 5.2 percent. Dallas saw a minor decrease of 0.3 percent, while Houston declined by 1.7 percent.

The Texas Repeat Sales Home Price Index (Jan 2005=100) grew 0.6 percent MOM and 2.8 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average, falling by 0.7 percent YOY.

Source: Texas Housing Insight | Texas Real Estate Research Center (tamu.edu)

April 2024 DFW Real Estate Stats

May 28, 2024

by Republic Title Resources Stats Video

In April 2024, real estate activity across North Texas showed distinct trends, both in similarities and differences.

New listings surged in each county, with Collin County experiencing an impressive 43% increase, followed closely by Denton County at 27%, Dallas County at 24%, Tarrant County at 22%, and Rockwall County at 2.8%.

While Collin County saw a notable 11% decrease in average days on market, Denton County experienced the most significant decline at 15%. Conversely, Dallas County witnessed a slight 8.3% increase, while Tarrant County remained stable.

Active listings soared across the board, ranging from a 22% to 44% increase. While we are still not in a balanced market, this higher inventory will help prospective buyers.

Dallas County boasted the highest average sales price at $569,264, marking a notable 10% increase, while Tarrant County saw a more moderate 4% rise, reaching $444,968.

In summary, the real estate scene in North Texas reflects the region’s rapid population growth. Recent data shows that Dallas-Fort Worth and Collin County have experienced significant increases in population, highlighting the dynamic nature of the market. Despite differences between counties, such as varied trends in listings and prices, the overall picture is one of resilience and evolution. Staying informed is key for navigating this ever-changing landscape effectively.

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.

March 2024 DFW Real Estate Stats

April 23, 2024

by Republic Title Real Estate Articles Resources Stats Video

In March, there’s significant news across all reported counties: new and active listings have surged, particularly notable spikes seen in Collin and Denton counties. Despite this uptick in listing activity, inventory remains tight, with less than three months’ worth available.

Closed sales in Collin, Dallas, Denton, Rockwall, and Tarrant counties have seen an almost 10% increase each, except for Rockwall County, where there’s a notable decline of nearly 40% compared to the previous year. Additionally, noteworthy is the decrease in days on market across all counties except Dallas, where it has risen by almost 5% compared to last year.

Given the inventory challenges, it’s unsurprising that average sales prices have edged up slightly from the previous year, with increases of less than 5% across most counties. However, Dallas County stands out with a significant 14.9% jump in average sales price compared to 2023.

Even still, the spring and summer market is upon us and given that the DFW Metroplex is in the top 10 of people moving here, so it promises to be a busy selling season!

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

Texas Housing Insight January 2024 Summary

April 15, 2024

by Republic Title Real Estate Articles Resources Stats

Housing sales rebounded from last month’s drop despite mortgage rates remaining at elevated levels. The average home price grew alongside sales, with the cost rising over $9,000 since December 2023. Single-family starts decreased while permits increased.

Home Sales Skyrocket

According to the latest data, Texas had a 14.6 percent increase in total home sales month over month (MOM), resulting in 29,209 homes sold (Table 1). Notably, all major cities in Texas experienced an upswing in housing sales compared to fourth quarter 2023. The most significant increase was in Houston (37.3 percent) with a remarkable surge of over 2,000 additional sales compared to December. The rest of the Big Four experienced strong monthly gains of over 10 percent.

The state’s average days on market remained unchanged with both Dallas and Houston hovering at 50 days for the second consecutive month. Both Austin (74 days) and San Antonio (64 days) recorded decreases, falling by four and three days, respectively.

Statewide active listings rose slightly to 105,475. For the second straight month, San Antonio (12,542) was the only one of the Big Four to post a monthly increase at 2.4 percent. Austin had the largest drop in active listings with a 2.4 percent loss to 8,109. Dallas (22,008) and Houston (24,699) had reductions of less than half a percent.

The state’s new listings rose to 43,817 in January. All four major metros posted monthly increases with San Antonio leading the way at 14 percent. Houston also had a strong increase of 9 percent. Amid the rise in active listings, the months of inventory (MOI) increased to 3.7. Dallas fell from 3.1 to 2.7 since November.by 0.5 percent in January.

Mortgage Rates Remain Below Peak Values

Treasury and mortgage rates remain below their elevated 2023 levels as the ten-year U.S. Treasury Bondyield rose four basis points to 4.06 percent. However, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose 18 basis points to 6.64 percent.

Permits Rise, Starts Unchanged

Texas’ single-family construction permits increased 1.8 percent MOM to 12,723 issuances. Dallas continued its fall from last month, dropping 2.6 percent to 3,415 starts while Houston experienced a minor fluctuation of less than 1 percent. Austin and San Antonio reported strong increases of 7.9 and 14.3 percent, respectively.

Construction starts fell alongside permits, according to data from Dodge Construction Network. Single-family starts decreased 1 percent MOM to 11,908 units. Austin reported the only monthly increase among the Big Four, rising just shy of 2 percent. Houston (1.3 percent) and San Antonio (0.5 percent) moderated. Dallas starts plummeted in January, falling 22.1 percent to 2,537 starts.

The state’s total single-family starts value climbed from $2 billion in January 2023 to $2.7 billion in January 2024. Houston accounted for a third of the state’s total starts value. Starts activity is up from last year as Austin and San Antonio posted moderate increases.

Home Price Changes Mixed after Last Month’s Plunge

The state’s median home price rose 2.8 percent, reaching $341,840 (Figure 1). Among the major metropolitan areas, Houston and Dallas recorded the only increases, with 3.3 percent and 1 percent, respectively. Conversely, San Antonio saw home prices decline by 4.3 percent, which was the lowest among the Big Four. Notably, Austin had previously experienced the most significant price surge of 4.2 percent, but median prices decreased by 0.5 percent in January.

The majority of sales fall into the $200,000-$300,000 and $300,000-$400,000 price range cohorts, accounting for 27 and 25 percent of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Jan 2004=100) grew 0.3 percent MOM and remains 2.6 percent higher year over year. Austin’s annual appreciation remains well below the states average, falling to 3.2 percent.

Source – Texas Housing Insight | Texas Real Estate Research Center (tamu.edu) – Joshua Roberson (March 29, 2024)

February 2024 DFW Real Estate Stats

March 21, 2024

by Republic Title Resources Stats Video

February 2024 showed positive trends in terms of increased new listings, active listings, and a decrease in days on market across North Texas. However, closed sales varied, with some counties experiencing notable declines. Additionally, while the average sales price increased in most counties, Collin County stood out with a slight decline. These variations indicate a dynamic real estate market with differing trends across different counties in North Texas.

New Listings:
– Overall Trend: All counties experienced significant increases in new listings compared to February 2023, indicating a surge in properties entering the market.
– Notable Difference: Collin County saw the highest increase at 46.6%, while Denton County followed closely with a 38.6% increase.

Active Listings:
– Overall Trend: Active listings rose across all counties, suggesting growth in available inventory compared to February 2023.
– Notable Difference: Dallas County had the highest increase at 30.9%, while Denton County had a notable rise of 20.6%.

Days on Market:
– Overall Trend: Days on market decreased in most counties, indicating properties sold faster compared to February 2023.
– Notable Difference: Denton County experienced the most significant decrease at 12.7%, while Tarrant County saw a more modest decline of 1.9%. Rockwall County was an outlier with a 13% increase in days on market over February 2023.

Closed Sales:
– Overall Trend: Closed sales varied across counties, with some experiencing slight declines while others saw more significant decreases compared to February 2023.
– Notable Difference: Denton County had the highest decline at 11.8%, whereas Collin County saw a slight decrease of 2.9%. Rockwall County was an outlier with a 3.9% increase in closed sales over February 2023.

Average Sales Price:
– Overall Trend: The average sales price increased in most counties, indicating a positive trend in pricing compared to February 2023.
– Notable Difference: Collin County experienced a slight decline of 1.3% in average sales price, contrasting with the overall upward trend observed in other counties.

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

Texas Housing Insight December 2023 Summary

February 26, 2024

by Republic Title Real Estate Articles Resources Stats

Despite mortgage rates continuing to fall from their elevated level, housing sales haven’t rebounded. The average price has fallen alongside home sales, with homes costing $2,000 less than in November. Single-family starts increased while permits moved downward. Homes sat on the market for longer in December as average days on market reported its first increase since the beginning of the year.

Home Sales Fall Alongside Listings

Mortgage rates continued to fall, but their elevated level remains problematic for homebuyers as Texas’ total home sales fell 1.9 percent month over month (MOM) to 25,430 (Table 1). Among the Big Four, San Antonio reported the only gain in home sales, jumping 7.1 percent to 2,684. Houston’s home sales decreased by 16.6 percent, losing over 1,000 sales in December. Austin and Dallas also experienced losses, falling by 9.2 percent and 3.5 percent, respectively. The gap between Houston and Dallas widened as Houston reported poor monthly sales. Despite rates falling, they remain elevated, resulting in an affordability problem for homebuyers.

The state’s average days on market (DOM) climbed to 57, marking the first increase since April. This increase suggests longer listing times could be approaching. All four of the major metros experienced increases in DOM with Houston (50 days) and Dallas (49 days) rising by seven and four days, respectively. Austin (77 days) and San Antonio (68 days) had minor fluctuations from the previous month.

Housing supplies remained elevated, but active listings fell for the first time since May, falling to 103,395 listings. San Antonio (12,254) was the only one of the Big Four to post a monthly increase at 1 percent. Austin had the largest drop in active listings with a 13.3 percent loss to 8,307 listings. Dallas (22,056) and Houston (24,770) had moderate reductions. Despite the fall in active listings in December, levels are still on pace with 2019.

The state’s new listings fell 1.89percent to 42,658 in December. All four of the major metros posted monthly decreases of between 2 and 4 percent. Austin had a 2 percent decrease to 3,766 listings while San Antonio had the largest decrease at 4 percent. Amid the fall in active listings, the months of inventory (MOI) experienced a small decrease to 3.6 with Austin contributing heavily to the fall, dropping over 10 percent.

Mortgage Rates Continue to Plunge

Treasury and mortgage rates continued to fall amidst rumors of interest rate hikes being finished. The ten-year U.S. Treasury Bond yield fell 48 basis points to 4.02 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell 62 basis points to 6.82 percent. If rates continue to fall into the start of 2024, housing affordability should improve.

Permits Unchanged, Starts on the Rise

Texas’ single-family construction permits moderated just shy of a quarter of a percent decrease from November, falling to 12,392 issuances. Dallas and San Antonio had monthly dips falling 5.3 percent and 12.9 percent, respectively. Houston and Austin both experienced minor fluctuations of less than ten issuances.

Construction starts grew while construction permits remained effectively unchanged, according to data from Dodge Construction Network. Single-family starts increased 2.5 percent MOM to 12,222 units. Despite the Texas increase, San Antonio (8,08 starts) reported the only monthly increase among the Big Four, rising 20.6 percent. Austin (1,392 starts) fell 13.6 percent, making the ratio of Austin to San Antonio starts fall under the typical 2:1 ratio. Dallas (3,250 starts) and Houston (3,448 starts) continued to outperform the rest of the state, combining for 55 percent of total starts.

The state’s year-to-date total single-family starts value climbed to $29.8 billion, up from $27.7 billion in November. Starts values continued to mirror 2019 values since May, however, value fell just outside the $1 billion dollar threshold in December. Houston and Dallas accounted for over 60 percent of the state’s construction value.

Median Home Prices Fall Despite Big Four Rising

Texas’ median home price fell 0.7 percent to $332,300 (Table 2). Among the Big Four metro areas, Dallas posted the only decrease, falling by 1 percent. Austin saw the greatest price boost with a 4.2 percent gain, raising the price to its highest level since January. Home prices across the Big Four remain above pre-COVID prices.

Home prices continued to hover around $200,000-$300,000 and $300,000-$400,000, accounting for 26 and 24 percent of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Dec 2004=100) fell 0.9 percent MOM but remains 2 percent up from the previous year. Houston had the highest annual appreciation at 2.6 percent YOY increase while Austin showed the lowest annual appreciation at negative 3 percent.

Source – Joshua Roberson and Koby McMeans (February 20, 2024)

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

January 2024 DFW Real Estate Stats

February 22, 2024

by Republic Title Resources Stats Video

January 2024 brought a surge in North Texas real estate listings, with Collin County leading at a 25% increase in new listings compared to the same period last year. Dallas County follows suit with a commendable 14% uptick, while Denton and Rockwall counties record rises of 12% and 32%, respectively. Tarrant County, while still showing growth, experiences a more modest increase of 6% in new listings. While days on market varied—Collin improved by 1.8%, Dallas increased by 9%, Denton dropped by 13%, and Rockwall rose by 6%—closed sales were up in all counties except Tarrant, which saw a 4% decrease.

In summary, the January 2024 real estate statistics paint a picture of a vibrant and dynamic market in North Texas. The surge in new listings signifies growing confidence among sellers, while variations in days on the market underscore the nuanced nature of local market conditions. Despite minor fluctuations, the overall trajectory remains positive, reaffirming North Texas as a robust hub for real estate activity.

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

2023 DFW Real Estate Year-End Stats at a Glance

February 5, 2024

by Republic Title Stats Video

Our third annual stats report of the DFW real estate market is here!

We’ve taken our monthly stats-at-a-glance reports from January through December of 2023, totaled, averaged, and compared the data to the numbers from 2022. The result is an annual report of the DFW real estate market in 2023.

For more stats information, pdfs and graphics of our stats including detailed information by MLS area and condo stats, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

Texas Housing Insight November 2023 Summary

January 25, 2024

by Republic Title Real Estate Articles Resources Stats

The housing market remains tight despite mortgage rates falling from their elevated levels. Home sales decreased just shy of 1 percent month over month (MOM). Prices did not fall alongside sales as most of the state experienced minimal change in prices. Construction permits plummeted in November despite construction starts increasing. Homes sat on the market for less time as average days on market continued its decreasing trend observed this year.

Home Sales Fall as Listings Increase

Mortgage rates fell this month, but their elevated level remains problematic for homebuyers as Texas’ total home sales fell 0.9 percent MOM to 25,916 sales in November (Table 1). Among the Big Four, Dallas reported the only increase in home sales, rising 2.3 percent to 7,363 sales. Austin fell 4.4 percent, and San Antonio reported its second straight month of significant decreases, plummeting 8.9 percent. The gap between Dallas and Houston widened as both continued to move in opposite directions. High mortgage rates have created an affordability problem, with people needing to spend more of their total income on affording a median-priced home.

The state’s average days on market (DOM) fell to 51, continuing the decline observed in 2023. For the past seven months, readings have gone from 59 to 51 days, indicating a shorter listing period. Among the major metros, Austin (75 days) and San Antonio (70 days) reported DOM significantly above the state average, while Houston (43 days) and Dallas (46 days) experienced minor fluctuations from the previous month.

Housing supplies are stocking up as active listings marked their sixth straight month of increases, climbing to 104,058 listings. This is the first time in four years supply has hit six-digit numbers. All four major metros posted monthly gains with Dallas adding 1,949 listings (9.1 percent) while Austin added fewer than a hundred homes for the third consecutive month. The constant increases since the start of 2023 have put the state’s active listings at January 2019 levels.

The state’s new listings rose 1.85 percent to 43,255 in November. San Antonio contributed heavily to this jump, rebounding from last month’s fall with a 9.4 percent increase. Dallas’s numbers remained unchanged from October. Amid the rise in active listings, the months of inventory (MOI) had a small increase to 3.7 months with all four major metros also posting small increases.

Mortgage Rates Fall from Peak Values

As news broke that the Fed might be finished with their rate hikes, treasury and mortgage rates fell. The ten-year U.S. Treasury Bond yield fell 30 basis points to 4.5 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell 18 basis points to 7.44 percent. The decreases across the board signal an increase in housing affordability.

Mixed Single-Family Construction Activity

Texas’ single-family construction permits fell 1.7 percent MOM to 12,418 issuances. Both Austin and San Antonio had MOM dips falling 7 percent and 16 percent, respectively. Houston was essentially unchanged with only a 0.3 percent decline while Dallas grew by 1.3 percent.

Construction starts grew while construction permits fell, according to data from Dodge Construction Network. Single-family starts increased 1.1 percent MOM to 11,744 units. Both Dallas (3,393 starts) and Houston (3,510 starts) continued to outperform the rest of the state, combining for 58 percent of the total starts. Austin increased its lead over San Antonio, with 1,647 starts approaching a 3:1 ratio compared to San Antonio. Historically, Austin’s advantage has been about 2:1 in total starts.

The state’s year-to-date total single-family starts value climbed to $27.7 billion, up from $25.4 billion in October. Starts values have been mirroring 2019 values since May, remaining within $1 billion dollars from the observed 2019 values. Houston and Dallas both accounted for 30 percent of the state’s construction activity values.

Median Home Price Steady Across the Big Four

Texas’ median home prices recorded a modest decline, falling 0.1 percent to $334,600 (Table 2). All of the Big Four recorded marginal changes of less than 1 percent, with Dallas exhibiting the only increase in price at 0.9 percent. Austin’s home prices have come down significantly from the highly inflated 2022 prices, although remain elevated from pre-COVID prices.