The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today. DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.
And what a difference a month makes. Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year. In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021. Homes in DFW spend an average of 23 days on the market before selling.
Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates: "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."
While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said. Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing. "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."
A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons. According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.
Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.
According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June. Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.
The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit. Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing. This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"
Luong said he sees positive signs in the market. The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country. "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."
Like the rest of you, our real estate agents eagerly anticipate new and exciting culinary trends. Unsurprisingly, the DFW is on point with restaurants featuring Filipino cuisine, popcorn, robot service, and other 2022 trends predicted by The Takeout.
When winter arrives, nothing beats a tasty mug of hot chocolate. There's never a bad time to enjoy this sweet treat, but just in case you needed a reason to celebrate, you'll be glad to know that National Hot Chocolate Day is right around the corner!
When you're ready to warm up, we suggest heading out and paying a visit to one (or more!) of these locations.
Contact us today to get started.
November 3rd isn't only Election Day; it's also National Sandwich Day. Hot or cold, thin or high, there is no wrong way to make a sandwich. Everybody has their own ideal combination of bread, meat, and cheese, and this simple creation has become the staple of the all-American lunch.
Our real estate agents love our local sandwich shops and pulled together a list of six recommendations we think you should check out on National Sandwich Day.
One of the best parts about living near in or around Dallas / Fort Worth is that there are always new restaurants to try. For more local business recommendations, contact us today!
McKesson Corp., the nation's largest pharmaceutical distributor, announced last week that it will relocate its headquarters from San Francisco to Las Colinas in April. The company, which delivers prescription drugs and medical supplies, has more than 75,000 employees globally and had revenue of $208 billion last year. It ranks sixth on the Fortune 500 list, behind only Walmart, Exxon Mobil, Berkshire Hathaway, Apple and UnitedHealth Group. With its move, McKesson will become the second-largest company by revenue to be based in North Texas, surpassing AT&T Inc. The largest, Exxon Mobil, is also headquartered in Las Colinas. Dallas-Fort Worth had 22 Fortune 500 company headquarters this year. That'll grow next year with the addition of McKesson and another California transplant, San Francisco-based Core-Mark Holding Co., which is relocating to Westlake.
Less than 20 minutes from the heart of Dallas, the city of Irving, TX offers endless options for shopping, dining and entertainment. Some of our real estate agents' favorite spots in the DFW area can be found right here, and today we want to highlight one of the area's best restaurants – Saltgrass Steakhouse in Irving, TX.
Saltgrass Steakhouse serves Certified Angus Beef® steaks – the finest in the world – which exceeds even USDA Choice beef in taste and tenderness. The restaurant also has a lot more to offer besides steak, but let's face it. The beef is the main attraction here, and rightly so.
From Pat's Ribeye to the Silver Star Porterhouse and Maudeen's Center Cut Filet, Saltgrass Steakhouse excels when it comes to prime cuts of char-grilled beef, slathered in fresh garlic butter and seasoned with their signature Saltgrass-7 Steak Spice. Their lunch and dinner menus also offer incredible burgers, mouth-watering ribs, fresh seafood, poultry and some of the best ribs around. Besides, the appetizers, sides and desserts alone are worth making a trip for. Try the Two-Fork Cheese Cake, or the homemade beer bread, served warm with honey butter. All breads, dressings and soups are made from scratch daily.
The bar at Saltgrass Steakhouse serves up craft beer in frosty mugs, along with top shelf agave margaritas, an incredible variety of excellent cocktails and an extensive wine list. Stop in for a drink, and there's a good chance you'll be tempted to stick around for a full meal.
Saltgrass Steakhouse got its start in 1991 in Houston, and now has dozens of locations all over the country. The original location sits right alongside the legendary Salt Grass Trail, a historic route used by cattle herders in the 19th century to drive their livestock south to graze on the fertile salt grasses of the Texas Gulf Coast.
It was a journey known far and wide for producing the best beef in Texas, a tradition that Saltgrass Steakhouse carries on today. The trail ride was revived in the 1950s, and has continued to this day, becoming an annual celebration of the original Texas spirit.
The Irving, TX location of Saltgrass Steakhouse is just minutes from some of the best attractions in Irving, including Lakeview Park, the Sam Houston Trail, Luna Vista Golf Course and the Elm Fork of the Trinity River. Downtown Dallas is just 20 minutes away, and Fort worth is just a 30 minute drive.
If you're looking for Irving homes for sale, be sure to check out Saltgrass Steakhouse while you're in the neighborhood. And remember that you're more than welcome to contact RE/MAX DFW Associates any time to learn more about life in Irving, TX!
Visitors have called the Mandalay Canal Walk at Las Colinas a "hidden secret path." Those of us with homes in Irving know the walkway is easy to find. It follows the path of the man-made waterway as it joins Lake Carolyn. The Canal Walk is one of the unique features that help make the Las Colinas planned community a wonderful place to call home.
Our REALTORS® in Irving understand that the Canal Walk at Las Colinas is no secret. Still, we believe it's important to offer friendly reminders of just how beautiful and peaceful our community can be.
When you walk the canal
The Canal Walk gives you access to a beautiful ground level city view. You follow a patterned-brick path that syncs with the waterway's arcs and curves. You wander past gleaming office buildings, hotels, arched entryways, and architecture with a distinctive European flair.
Walking the path is a unique way to appreciate the Las Colinas fusion of futuristic growth and old world charm. Best of all, it's a great way to see the commercial district without traffic getting in the way.
More than just a walk
The path is tree-lined and peaceful, ideal for a solo morning walk, an afternoon lunch with coworkers, or a romantic evening stroll. Some restaurants, shops, hotels, and local entertainment venues border the walkway. Others are nearby or a doable walking distance.
As you walk, you'll also see towering buildings, floral accents, and secluded inlets with man-made waterfalls. The celebrated Mustangs of Colinas sculpture and museum are nearby as well.
And if you don't feel like walking
If a peaceful walk isn't enough to satisfy your need for motion, you'll find a few options along the way.
Get to know your community
We believe it's important to know your community. Contact RE/MAX DFW Associates when you need information on buying or selling your Irving home or if you simply want information about the businesses, activities, and entertainment in your community.