Articles Tagged "St. Patrick's Day"

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."

• Dallas Business Journal, August 19, 2022

Looking for something fun to do for St. Paddy's Day? These four events in the DFW area offer something for everyone.

1. McKinney St. Patrick's Day Festival & Shamrock Run 5K - Tupps Brewery - 721 Anderson St., McKinney
   These can't miss St. Paddy's Day festivities begin with the Shamrock Run 5k at 9 a.m. on Saturday, March 16th. Runners and walkers will start and finish in front of Tupps Brewery, located in the historic McKinney Cotton Mill. Registration includes race chip timing, a Shamrock Run t-shirt, finisher's medal, and swag bag. Awards will be given for first, second and third place runners and first place stroller.
   
   The free, family-friendly St. Patrick's Day Festival begins at 10 a.m. Try a variety of delicious food, imbibe some cold beer, and take in the sounds of authentic Irish bands. Wear your best St. Paddy's day attire and check out the dancing and costume contests with awesome prizes. There will be plenty of kid-friendly activities as well. While you're at it, check out the amazing local shops, boutiques, and McKinney homes for sale. Beer passes can be purchased in advance if you want to avoid lines on the day of the festival. Beer passes include three 16-ounce beers and a McKinney St. Patrick's Day Festival Koozie!
   
   A portion of proceeds benefits The Warrior's Keep, which provides outdoor adventure and recreational therapies for veterans.
   
   
2. Dallas St. Patrick's Parade & Festival - Blackwell Street and Greenville Avenue, Dallas
   This awesome event is the largest St. Paddy's parade in the Southwest. The two-mile trek begins at Saturday, March 16th at 11 a.m. at Greenville & Blackwell streets and ends at Yale Blvd/SMU Blvd & the 75 Central Expressway. With more than 125,000 spectators, 1700 participants, and 90 parade floats, food trucks, and activities for people of all ages, it's not only an exciting community gathering, it's a great opportunity to check out the neighborhood and take a look at Dallas homes for sale.
   
   Proceeds benefit the Greenville Avenue Area Business Association Scholarship Fund.
   
   
3. Kiss Me, I'm Irish Express-Grapevine Vintage Railroad - 705 S. Main St., Grapevine
   This unique St. Patrick's Day train ride happens Saturday, March 16 at 7:15 p.m. Celebrate in style as these historic 1920s-era coaches wander through the Grapevine area. Enjoy craft beer, Irish-style hors d'oeuvres, and dessert; take in the stunning Grapevine scenery; and chat with the locals about things to do in the area and Grapevine homes for sale.
   
   The depot opens at 6 p.m. and boarding begins at 6:45. The train departs promptly at 7:15. Seating is first come, first served, so get there early, especially if you're with a big group. Tickets for this two-hour excursion are $39 per person.  All riders must be 21 and older. ID may be required.
   
   
4. St. Paddy's Texas Style - Wayne Ferguson Plaza, 150 W. Church St., Lewisville
   This one-of-a-kind celebration honors St. Patrick's Day and Texas Independence Day in one shot. Free admission and activities include live music, dance, and activities for kids, including zip-lining, bounce houses, face painting, and an outdoor movie at 7:45 p.m. Bring a blanket and lawn chairs, grab some food and a green beer, and celebrate St. Paddy's Day and Texas Independence Day at this fun-filled, free event. Well-behaved pets on a leash are welcome, so take a stroll around town and get a glimpse of Lewisville homes for sale as well!

Our real estate agents at RE/MAX DFW Associates can give you the scoop on a variety of exciting things in Dallas-Ft. Worth and help you find the home of your dreams. Contact us to get started today!