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August
18

Why Home Staging Inspires the Best Prices in Any Housing Market

Why Home Staging Inspires the Best Prices in Any Market
The Real Estate Staging Association shares why home staging is worth the investment for the home buyer, seller and real estate agent.

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August
17

Hot Home Trend: 'Barbiecore'

Hot Home Trend: 'Barbiecore'
The iconic doll is inspiring home design with a new level of playful style.

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August
2

How to Create the Perfect Indoor-Outdoor Space

How to Create the Perfect Indoor-Outdoor Space
With the right design, you can expand your home’s living space and create a natural flow to the outside.

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August
2

5 Updates to Liven Up the Home's Exterior

5 Updates to Liven Up the Home's Exterior
Check out these before-and-after virtual renderings to see what a difference a few style updates can make to an outdoor space.

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July
28

A Trendier Stain for Your Deck

A Trendier Stain for Your Deck
Get insights into the latest upgrades for outdoor flooring, including “Mushroom,” the stain color of 2022.

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July
25

While higher mortgage rates have driven many buyers out of the North Texas housing market, home prices still soared in June more than in other red-hot U.S. metros.  The median home price in Dallas-Fort Worth reached $426,000 in June, up 29.3% from $329,500 in June 2021, according to REMAX's just-released national housing report.  

U.S. home prices were up 11% from a year ago.  D-FW saw the largest year-over-year increase in median sale price among the 53 metro areas analyzed by the brokerage. Some major markets, such as Austin, are not included in the report.  Home sales were down 11.8% in the metro area, with nearly 10,000 transactions, according to RE/MAX. Home inventory has nearly doubled from a year ago to 14,404 properties. Even with the sharp increase year over year, prices were down slightly from May. 

Dallas-Fort Worth home prices still soaring

Of all 53 metro areas RE/MAX analyzed, the company found Dallas-Fort Worth's median home price grew the most from June 2021 to June 2022.

Table with 4 columns and 5 rows. Currently displaying rows 1 to 5.

Market

June 2022

June 2021

% change

1

Dallas-Fort Worth

$426,000

$329,500

29%

2

Tampa, FL

$385,000

$300,990

28%

3

Fayetteville, AR

$343,580

$270,000

27%

4

Las Vegas, NV

$445,000

$365,000

22%

5

Orlando, FL

$395,000

$325,000

22%

Table: Mitchell Parton/DMN  Source: Re/Max National Housing Report  

Mark Wolfe, owner of RE/MAX DFW Associates, said homes are still selling over list price, especially in places like Collin County and Denton County. Some offers will even come in as much as $60,000 over list price when they are the only offer, a carryover from the busier market when buyers had to offer above the asking price if they wanted to get a home.  

People relocating from California have no problem paying $50,000 to $100,000 over list price to make sure they get the home they want, and they will still see it as a good deal, Wolfe said.  "Especially in the northern suburbs, we have a tremendous amount of California homebuyers," he said. "They're flushed with cash." 

Nationally, home sales dropped 17.6% since last June and inventory grew for a third consecutive month, up 34.1% from May.  "The market is moving toward greater balance, especially with inventory gains and the slowing of price appreciation. The past few years have been one of the most competitive times ever for buyers — and we're finally seeing conditions ease up," Nick Bailey, president and CEO of RE/MAX, said in a statement.  

Wolfe said that a quarter of all listings on the market in D-FW are now seeing price reductions, as homes aren't selling as quickly as sellers and agents expect. Homes seeing price drops were likely overpriced to begin with, he said.  The number of showings per listing at Wolfe's offices are down from eight each week last year to an average of three now. Homes are taking weeks instead of days to sell, and more inventory is available.  "But three showings a week is really still a good market," Wolfe said. "It's a little bit more of a normal market than the boom we've had for the last two years."

  • Dallas Morning News, July 18, 2022
July
18

Hot Home Trend: Antiquing Your Design

Hot Home Trend: Antiquing Your Design
Antiques are surfacing in more homes, from nostalgic to modern spaces.

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June
15

Home prices in Dallas-Fort Worth rose a record 30.7% year over year in March, according to the latest report from the S&P CoreLogic Case-Shiller Index

Rapid Home price growth in North Texas and in cities nationwide continued to break records at the start of the year, but economists expect the market could change its tune in the months ahead.  Home prices in Dallas-Fort Worth rose a record 30.7% year over year in March while national prices grew 20.6%, according to the latest report from the S&P CoreLogic Case-Shiller Index.   "Demand for homes has stubbornly kept ahead of supply this spring, even in the face of rapidly rising costs," said Dan Handy, an economic data analyst for Zillow. "This imbalance between supply and demand for homes this spring has been the key driver in home price growth that continues to set records month after month."  The index compares sales price changes of specific properties over time. Case-Shiller's price estimate is considered more accurate than MLS home sales data which can be influenced by the type of properties that are selling each month.  

Economists predict the rapid price growth could finally begin to slow in the coming months as buyer demand is softened by affordability challenges.  "Mortgage costs are more than 50% higher than they were a year ago, and prospective buyers will likely start to rethink what they can afford," Handy said. "Sellers may already be responding, with the rate of price cuts now on the rise, to meet buyers where they are. Price growth will likely begin to come back towards earth as many buyers are priced out and inventory rises."  Dallas-Fort Worth home showings were down 9% year over year in April and 11% since March, according to ShowingTime.

  • Dallas Morning News, May 31, 2022
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