June 2015 DFW Housing Market Reports from Collin County Association of Realtors

Collin County Assocation of RealtorsThe following PDFs are about the state of the DFW Housing market according to Collin County Association of Realtors for the month of June 2015.

June 2015 Dallas House Market Industry Reports

Also, make sure you check out this Dallas Morning News article about the housing market.

July 2015 DFW Housing Market Reports from Collin County Association of Realtors

Collin County Assocation of RealtorsThe following PDFs are about the state of the DFW Housing market according to Collin County Association of Realtors for the month of July 2015.

July 2015 Dallas House Market Industry Reports

Also, make sure you check out this Dallas Morning News article about the housing market.

Dallas Area Home Prices are RISING!

Sold in 14 days!!

Sold in 14 days!!

Local home prices are about 5 percent higher than they were at the peak of the market in June 2007 before the recession, according to the Standard & Poor’s/Case-Shiller Home Price Index.

Dallas-area home shoppers, get ready for some sticker shock in this spring’s housing market.

Two years of significant gains in local home sales prices will combine with higher mortgage rates to make North Texas housing more expensive than ever this year.

Dallas-area home prices rose by a record 9.94 percent in the latest Standard & Poor’s/Case-Shiller Home Price Index.

November was the 21st month in a row that local home prices were higher than a year ago in the closely watched survey of residential values in some of the country’s largest metropolitan areas.

Dallas-area home prices have risen by more than 20 percent from where they were at the worst of the recession in February 2009. And local home prices are about 5 percent higher than they were at the peak of the market in June 2007 before the downturn, according to Case-Shiller.

Last year’s pace of North Texas home price gains was more than twice the area’s average residential appreciation and has far outpaced the median income growth in the area.

If the cost of homes continues to inflate at a greater rate than local wages, that will spell trouble for the home market, analysts agree.

“Affordability is going to get hit real hard this year for that very reason — the spread between prices and income,” said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University.

Gaines said some of the increase in home prices during the last two years has just been the market playing catch-up from when things stalled during the recession.

“The general affordability issue will catch up to the market at some point — maybe by year-end or next year — if incomes don’t show more strength,” he said.

For all of 2013, North Texas pre-owned home prices rose about 10 percent from 2012 levels, based on data from sales by real estate agents.

That’s about the same price hike that Case-Shiller reported for November vs. November 2012.

But it’s still less than the 13.7 percent year-over-year average residential value rise Case-Shiller reported for all the 20 major U.S. cities it tracks.

“Beginning June 2012, we saw a steady rise in year-over-year increases,” S&P’s David M. Blitzer said in the report. “November continued that trend with another strong month although the rate of increase slowed.”

November’s Dallas-area Case-Shiller home price index increase was a tad above the 9.7 percent increase recorded in October, the previous record high.

The largest annual home price increases for the month were in Las Vegas, 27.3 percent, and San Francisco, 23.2 percent.

Case-Shiller’s index tracks the prices of specific single-family homes in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers pre-owned properties.

While Dallas’ price gains aren’t as high as those in some Western markets, those cities suffered severe price declines during the recession while Texas residential values saw only marginal decreases.

Some real estate agents and homebuilders are worried what the recent pace of housing cost rises will mean to consumers.

“The builders have already felt some pushback on pricing,” said Ted Wilson, a principal at Dallas housing analyst Residential Strategies Inc. “With the shortage of inventory, it’s pushing prices up.

“And the higher mortgage rates are making it more expensive,” Wilson said. “A lot of people need to buy housing and are scratching their heads.”

Source: Dallas Morning News

Now is the best time in 5 years to sell your house in Dallas, Texas

Dr. Jim Gaines, Chief Economist for the Texas A & M Real Estate Research Center reported in a presentation on January 17, 2013 that job gains, housing prices, general business growth, and population growth, all were markedly higher for the Dallas and Fort Worth metroplex in 2012.

From 2010 to 2030, Dr. Gaines projects the Dallas and Fort Worth area population to increase by 14 million people, or 703,000 per year (another median sized city’s worth of people = 1,925 people per day!).  Foreclosures and unemployment rates have been dropping for the last two years while single family house sales were up 12% in 2012.  Median prices were up 7.65% in 2012.

Dallas Skyline

Mr. Fisher, Dallas Fed Chairman, said in a speech during a lunch meeting at the Dallas Federal Reserve Bank on Tuesday, January 22, 2013, that the current Fed zero interest rate policy will continue throughout 2013, and that DFW will experience economic growth and increased population growth this year somewhere in the 2% range.   He stated that mortgage interest rates would probably rise ¼ percent or more in the last quarter of 2013 with higher interest rates beginning in 2014.

Because there has been little or no new home construction for over the 3 years in Dallas, the inventory of new homes, as well as the inventory of existing homes, is very low.  A balanced market with equal numbers of buyers and sellers, in the DFW market, is considered to be a 6.5 month’s supply of houses for sale.  Having greater than 6.5 months of inventory, is considered to be a Buyer’s market, while less than 6.5 months of house inventory is a Seller’s market.

Months Inventory

During the 4th quarter of 2012, the DFW housing market moved from a Buyer’s market to a Seller’s market.  In fact, today, most of DFW’s housing market areas have less than a 4 month’s supply of houses.  This is one of the reasons that housing prices are rising – demand is far outpacing supply!

If you have an existing house in which you have been living, which you have wanted to sell in the past, but were not able to when you listed it for sale, or chose not attempt to sell it because the low prices the market offered you at the time, meant you would suffer a loss if you sold it, please call me at 972-931-1200 today.

If your ready to sell your home, please give Castle Keepers a call at 972-931-1200 to receive a free Comparative Market Analysis report to find out what your home is worth in the 2013 market. There is absolutely no obligation to you for asking for this information.  Consider selling your house this year before mortgage interest rates rise, making houses more expensive to Buyers.  We would love to help you buy or sell a home today!

 

February Home Sales Reflect Stronger Market and Improve Economy

Housing MarketCOLLEGE STATION (Real Estate Center) – Existing home sales across the state surged in February, reflecting a stronger market, an improving economy and “better weather than February last year,” said Real Estate Center Research Economist Dr. Jim Gaines.

“In some cases, the increased sales occurred within the lower-priced home market as mortgage lending requirements have improved,” Gaines said.

Sales in Texas last month were up 21 percent over February 2012, according to Multiple Listing Service (MLS) data compiled by the Center. The National Association of Realtors reported an 8.8 percent year-over-year jump in sales.

Median prices continued to be flat across the state as a whole, but they exhibited wide variation among individual markets, with some markets showing significant surges and others further declines.

“Median price in the four major markets (Dallas, Houston, Austin and San Antonio) were essentially flat, with more significant changes occurring in the smaller markets where large percentage changes can occur more easily,” Gaines said.

Texas Cities Magnet for Relocation

TexasHOUSTON (Houston Business Journal) – Texas cities are still the destination of choice for those relocating, according to U-Haul International Inc.

Houston took the top spot on U-Haul’s list of destination cities for relocation in 2011. San Antonio also attracted many new residents from other cities, ranking at number five, followed by Austin at number six. Other Texas cities in the top 50 include Dallas (15), Plano (35) and Fort Worth (44).

Rounding out the top five were Orlando, Fla., at number two, followed by Las Vegas (three) and Chicago (four).

U-Haul considers data for movers traveling more than 50 miles using its trucks.

Castle Keepers Radio Spotlight on KVCE AM 1160

KVCE
Castle Keepers was featured on KVCE AM 1160 during the Real Estate Hour with Willie Lambright.

Listen to the Castle Keepers Radio Interview.

Willie Lambright is an award winning real estate expert and business owner deeply rooted in the Dallas marketplace.  Host of Real Estate Radio Network,  Willie considers it a personal mission to help families in Texas realize the American dream of home ownership. The intent of his show, is to provide you the information you need for your real estate endeavors.  Either Willie will help you personally, or point you in the right direction. Learn much more about Willie on Facebook.

Lydia Player features Castle Keepers

Lydia Player
The online Dallas real estate blog writer, Lydia Player, recently featured Castle Keepers as a home sitting service that benefits the home owner while trying to sell their homes.

Go over to her blog and read the article about home tending.

Castle Keepers on the Air!

KVCE

KVCE

Ken Raupple will be on air on Monday, May 16th from 9 to 11 AM. Host Willie Lambright will be asking Ken about the Castle Keepers program as well as new investment opportunities with Castle Keepers.

Tune into KVCE AM 1160 on the dial from 9-11 AM on Monday May 16th or listen live online!