Texas Real Estate

/Texas Real Estate

Plunging Mortgage Rates Lift Denton County Home Sales In July

Plunging mortgage interest rates lifted Denton County home sales to a near record month in July. Home sales in Denton County posted a 14 percent year-over-year jump on record high average prices. The average price of a home sold in Denton County last month was a record $374,130. The surge in sales during July helped to offset the sales decline in June, and year-to-date sales are now slightly in positive territory. If you read Dallas' largest newspaper, the July rebound in the housing market was all about the strong economy and fabulous jobs market. In [...]

New Home Sales Rise 4.5 Percent In June On Lower Rates

The Census Bureau reported new home sales for June at a seasonally adjusted annual rate of 646,000 units. This was up 7 percent from revised May figures and 4.5 percent higher than a year ago. The previous three months were revised lower. The median price of a new home contracted in June was $310,400, almost unchanged from last year. The average price of a new home in June was $368,600, a decrease of $1500 from June 2018. Months of supply stood at 6.3 in June, up from 6.0 months of supply last year. Translated on [...]

Denton County Home Sales Resume Slide In June Amid Affordability Crunch

Denton County home sales resumed their slide in June amid the continuing affordability crunch. Despite the large drop in mortgage interest rates experienced this year, home sales in Denton County dropped 6 percent compared to the same time last year. This was in line with the 6 percent slide seen throughout the DFW area. The average price of a home in Denton County in June posted at $364,887, a decline of 1 percent from June of 2018. Median home prices in Denton County were unchanged from June of last year, posting at $325,000. The bump [...]

Things Get Ugly For Denton-Based Sally Beauty

Things just got ugly for Denton-based Sally Beauty supply. The international retailer and distributor of professional beauty supplies saw its stock plummet after Amazon announced its own professional beauty store. This is not exactly great news for one of Denton's largest businesses. Amazon is a virtually unregulated monopoly on multiple fronts with huge tax advantages to many of its competitors. Amazon Beauty customers will still need a license to purchase professional use products, but Amazon is playing by a different set of rules as regulators continue to turn a blind eye to Amazon's monopolistic business [...]

Single-Family Housing Permits & Starts Still Stagnating

The Census Bureau reported permits and starts numbers for May which were less than impressive. While permits were up from revised April figures, they were still lower than levels seen last year. Single-family permits (one unit structures) were down 3.3 percent from the same time a year ago. The sluggish numbers for housing permits and starts in May is a bit surprising to some of the experts considering the recent plunge in mortgage interest rates. Unfortunately there is more to the demand for new homes than just ultra low interest rates. Housing starts in May [...]

Denton County Home Sales Climb In May, City of Denton Sees All-Time High For Prices

Denton County home sales rose 3 percent compared to the same month last year, driven by a the precipitous drop in mortgage rates which are now back below a 4-handle. The increase in home sales this spring has offset the weak start to the year during the first quarter. The average price of a Denton County home was roughly $368,525 in May, up 4 percent from prices last year. The inventory of homes for sale in Denton County rose 25 percent, hitting 3.4 months of supply. New home sales continued to fare better than the [...]

Stagnating Home Sales, Mortgage Rates & Job Growth But The Fed Only Has Eyes For Wall Street

Home sales are stagnating, mortgage rates are falling and job growth is now waning. What's not to love? Today's nonfarm payrolls report was a resounding thud with only 75,000 jobs added in May. Previous months were revised downward as well. Everywhere you look, cracks are beginning to appear in the carefully varnished edifice the Federal Reserve likes to call an economy. Maybe this is why there were 13 Federal Reserve officials hitting the airwaves this week to talk up their most favored metric of economic validation, the U.S. stock market. Earlier in the week we [...]

Denton County Employment Growth Still Solid, Why Are Home Sales Stagnating?

Denton County employment growth is still humming along. The Dallas-Fort Worth area continues to add jobs. Even with the job growth, home price gains in the DFW area continue to slow. This is confirmed in the recent numbers from Case-Shiller. Along with many professional PhD economists, the Case-Shiller committee seems to be puzzled that the housing market isn't firing on all cylinders given the recent plunge in mortgage interest rates. "Given the broader economic picture, housing should be doing better." Even Freddie Mac's deputy chief economist seems to be perplexed that the housing market isn't [...]

New Home Sales Jump 7 Percent In April But Momentum Is Fading

The Census Bureau reported new home sales in April which rose 7 percent compared to the same time a year ago. Sales (contract signings) for April posted at a seasonally adjusted annual rate of 673,000 units. This was close to expectations, but interestingly the April figure represented a rather large 7 percent drop from revised March numbers. The sales numbers for the previous three months were revised higher. The median price of a new home rose in April to $342,200, while the average price of a new home contracted in April rose to $393700. This [...]

Dallas Morning News Misses Glaring Example Of Appraisal Fraud Right Under Their Noses

The company selling the 'Rock of Truth' campus just missed a glaring example of appraisal fraud right under their noses. Belo Corp reportedly just sold the old Dallas Morning News downtown campus at 508 Young Street for $28 million. The 325,000 square-foot campus includes two buildings and a parking garage on roughly 8 acres. That 8 acre site happens to be one of the largest redevelopment sites in downtown Dallas Texas. The former campus of Dallas' largest newspaper was purchased by Ray Washburne, a local developer who owns Charter Holdings. Washburne also bought a shopping [...]