Housing market strong in DFW in first half of year even as sales slowed in July

DFW home sales increased 6 percent to 58,865 sales in the first half of 2016, although July sales were down compared to last year, according to the July 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.

“The demand for housing is undoubtedly strong,” said Russell Berry, president of MetroTex. “While we didn’t sell quite as many houses this July as we did last year, we’re still seeing more than 10,000 sales per month in the busy summer market – something that was unprecedented before last year. But with shrinking inventory, it’s difficult to maintain that pace. I have no doubt that we could see continued growth if more housing were available.”

According to the report, 10,011 homes were sold in North Texas in July 2016, a 2 percent decrease from the year prior. The median price for DFW area homes increased 9 percent year-over-year to $230,000 during the same time frame.

North Texas’ monthly housing inventory remained at 2.4 months in July 2016. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 36 days on the market in June 2016. There were 20,546 active listings for the North Texas housing market during the same time frame, a 4 percent drop.

July 2016

  • 10,011 – Homes sold, 2 percent fewer than June 2015. 
  • $230,000 Median sales price for homes, 9 percent more than June 2015.
  • $277,966 Average sales price for homes, 5 percent more than June 2015.
  • 2.4 – Monthly housing inventory in June 2016.
  • 36 – Average number of days homes spent on the market in June 2016.
  • 20,546 – Active home listings on the market in June 2016.

Market Snapshot at the end of the 2nd Quarter

  • 58,865 – Homes sold, 6 percent more than first half of 2015.
  • $16,113,575,977 – Total dollar volume of sales in North Texas in 2016, an 11 percent increase over first half of 2015.
  • $222,640 Median sales price for homes, 9 percent more than first half of 2015.
  • $273,738 Average sales price for homes, 5 percent more than first half of 2015.
  • 43 – Average number of days homes spent on the market in first half of 2016, down 8 percent.
  • 18,061 – Average monthly active home listings. Unchanged from 2015.

The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

REALTOR Call to Action

The United States Senate is missing an opportunity to improve housing markets across the country, and we need your help to tell them to get to work and make homeownership a priority!

Take action now to urge your Senators to pass H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016,” a bill that makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal-assisted housing programs and Rural Housing Service loan programs.

This legislation provides significant benefits to taxpayers, homebuyers and the real estate market by:
1) Removing a burdensome and expensive FHA Condo approval process
2) Reducing FHA restrictions on the number of condos available to homebuyers
3) Permanently streamlining Rural Housing Service loan processing


Bottom Line: This bill makes buying a condo A LOT easier by expanding opportunities for first-time homebuyers and streamlining rural housing programs for low-income rental residents. Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.
The House of Representatives passed this bill unanimously with a bipartisan vote of 427-0 and now we need the Senate to act!


Even if your business model is not based on Condominium or Rural Housing Service transactions, all REALTORS need to band together on this Call for Action. Although it may not affect you directly, the next one could very well be of critical importance to your business. Please support your REALTOR family by responding to this important Call for Action!
 
4 easy ways that Realtors can follow important issues that affect their business and respond to Calls for Action
1. Email:  NAR sent you an email.  It takes just 2 clicks to respond.
2. Web: If you didn’t get the email, you can respond at WWW.TexasRealEstate.com/Action
3. There’s an APP for that: The REALTOR® Action Center mobile app is now available for download for the iPhone and DROID. Simply search for NAR Action Center in their respective app markets.  
4. Text: To stay informed about upcoming calls for action alerts via text message, sign up for the REALTOR®Party Mobile alerts program below or text the word REALTOR to 30644

Global Alliances Gather in Washington

Experiencing the power of the global community in the world’s most powerful city is something you’ll never forget. While the global business community might not be the first thing that pops into your mind when you read about the annual NAR Legislative Meetings, you’ll find the meeting is a goldmine for REALTORS with an international focus. If you’re looking for a great way to network with agents around the world and to grow your global business pipeline, these meetings are a great place to start.

At the NAR meeting earlier this month, there was ample opportunity to network with REALTORS® from all over the world. Plus, the global meetings gave Global Business Council members the chance to meet presidential liaisons from affiliated organizations around the world. There are also opportunities to meet with your congress members and senators to voice your concerns about the flow of business between countries. Plus, many embassies sponsor events to highlight their particular country economically and culturally.

But it’s not all about networking with your foreign counterparts and legislators. You can learn a lot about the global economy at the Legislative Meetings as well. There are CIPS and other related classes, presentations on current market conditions, and seminars about the economies in other countries. A veritable treasure trove of learning is available for members with an interest in international business.

This year, the Global Programs for Associations kicked off the NAR meetings, and the CIPS Advisory Board met early to discuss CIPS classes and institutes around the world. Hot on their heels, the Global Alliances Advisory Board met to discuss the state of global alliances around the world, new efforts to bring more associations into membership, and efforts to create associations in countries without a strong professional real estate presence. Later, the meetings included an international housing update.

Outside of Global Business Council events, the NAR Legislative Meetings featured several prominent speakers, including General Colin Powell, Bob Woodward, Lawrence Yun (NAR Economist), Julian Castro and Senator Elizabeth Warren (D.-Mass). And to add a bit of fun away from the meetings, there were visits to various government buildings and departments, Smithsonian exhibits, monuments by moonlight tours and the NAR offices open house.

Building your global business practice requires networking and staying on top of the latest news and trends. Participating in events like the NAR Legislative Meetings is a great way to build your brand and to be the best at what you do for your clients. To find out more about upcoming events, be sure to join the MetroTex Global Business Council and watch MetroTex E-News for updates to the events calendar.

Housing Market off to Strong Start for the 2nd Quarter

More than 9000 homes were sold in April in North Texas, further boosting an already bustling housing market.

“The second quarter is shaping up to be very exciting for North Texas,” said Russell Berry, president of the MetroTex Association of Realtors. “Especially when you consider the sales records already set in the first part of the year.”

“While houses aren’t staying on the market for long, there is a lot of turnover,” Berry continued. “We saw a 15% increase in the number of sales over last April and with nearly 18,000 homes on the market we can expect the strong sales figures to continue well into the year.”

Prices do continue to rise as the demand for housing continues to be strong. Most cities in North Texas saw price increases in all types of housing and in the price of land, according to a report released by the MetroTex Association of REALTORS today. Highlights of the report include:

  • There were 9,178 sales of single family homes in Dallas-Fort Worth in April, a 15% increase over April 2015.
  • The average price per square foot for single family homes in the area is $119, a 5% increase.
  • The average sales price in DFW in February was $274,368, a 4% increase over last year.
  • There are 10,210 homes under contract and waiting to close.
  • There were 11,958 new listings in the area, a 2% decrease from February 2015.
  • Houses are selling in an average of 41 days.
  • Most homes sell for 98.3% of list price when sold through a MetroTex Realtor.
  • There is approximately 2.4 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

30 Under 30

MetroTex wishes a hearty congratulations to our three 2016 30 Under 30 nominees! Out of nearly 400 applications, our own Scottie Smith, Sam Sawyer and Kristin Smith were selected as among the very best young REALTORS in the country. Let’s take a few minutes to get to know each of them.

Scottie Smith of Scottie Smith II & Associates is dedicated to helping owners of challenging properties and all prospective buyers to achieve their goals. His primary goal is to guide everyone along the path to achieving ownership. Scottie is a native of Houston and is a graduate of both UNT and Notre Dame. Scottie is active within MetroTex through YPN, Diversity & Housing Initiatives, Government Affairs, and is a graduate of the MetroTex Leadership Program.

Sam Sawyer, with Briggs Freeman Sotheby’s International Realty is an alumnus of SMU and strives to combine his expertise with technological innovation with his close ties to the community to pair his clients with optimal solutions for their real estate needs. When not actively helping clients, Sam might be found on the Katy Trail, around White Rock Lake or at Klyde Warren Park. Sam has previously been active with MetroTex YPN.

Kristin Smith of Dave Perry Miller Real Estate endeavors to take every opportunity to gain referrals. She prefers a very personal style of connection with her clients and believes in a continuous stream of communication with her sphere as a steady source of referrals. Kristin is currently Vice Chair of YPN, and a member of the TREPAC Committee, Government Affairs, the Coming Soon Task Force, and is a volunteer with 100th Anniversary Planning Committee. She is also a graduate of the MetroTex Leadership Program.

Congratulations to all three of our 30 Under 30 nominees! We are proud to have you as members. 

Fast-Paced March Home Sales Signal Growing Market this Spring

The normally busy spring market came roaring into March and bore no signs of slowing any time soon.

“The robust market in Dallas-Fort Worth is stronger than ever,” said Russell Berry, president of the MetroTex Association of Realtors.

“Sales were up nearly 13% over last year. The turnover in homes is incredible,” said Berry. “We saw nearly 8,500 closed sales in the area in March. To put that in perspective, the Houston area closed about 6,600.”

The burgeoning Dallas-Fort Worth market is selling homes more quickly, too, according to the monthly market report released by MetroTex. Highlights of the report include:

  • Houses are closing in an average of 42 days, down from 53 days in March 2015.
  • There were 8,474 sales of single family homes in Dallas-Fort Worth in February, a 12.9% increase over March 2015.
  • The average price per square foot for single family homes in the area was $116, a 7.4% increase.
  • The average sales price in DFW in March was $276,577, a 5.1% increase over last year.
  • There are 7,827 homes under contract and waiting to close.
  • There were 11,144 new listings in the area, a 7.8% increase from March 2015.
  • Most homes sell for 98% of list price when sold through a MetroTex Realtor.
  • There is approximately 1.9 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.