September Newsletter-Fall, Lamenting & Markets
Fall is officially here!– But it sure doesn’t yet feel like it in North Texas. It is still so very hot. Today David was headed to his last appraisal appointment. He looked at his device to see the temperature outside felt like 106 degrees. Whew! We are well on our way to having the record for the hottest September in North Texas. Not only is it still hot, but it also does NOT look like the picture above. Everything is still very green. As I type, the cicadas are singing their summer song which has long since lost its appeal. I need a new playlist. It is time for the weather to cool, the cicadas to end their concert and the summer wardrobe to change from summer sandals to boots & sweaters. I love the fall. I love the cooler, crisp weather. I love the fall colors and just that bit of change in the air. But, alas, I cannot rush it. It will eventually make its way here and my summer lamenting will be just a distant memory. Until then, I will keep cranking the A/C, and wait for the change. Speaking of change, do we see any change in our real estate markets?
Our markets started out the summer slowing and were almost flattening last month. However, prices are still rising- just at a much slower pace. In May we discussed the pace moving from a sports car to a tractor. We are maintaining this tractor pace as prices are still up 1-4 % YoY. This month, we are showing the seasonally adjusted charts for our main four counties. This better depicts the slowing pace of appreciation.
Median Sales Price
$315,000 | +0.3%
$339,990 | +1.5%
$248,500 | +3.5%
$247,000 | +6.2%
3.2 | -3.0%
3.6 | -5.3%
3.4 | +13.3%
2.5 | -3.8%
Days on Market
29 | +31.8%
34 | +25.9%
20 | +11.1%
18 | +28.6%
1,620 | +9.7%
1,615 | +2.9%
2,318 | -3.2%
2,658 | -3.2%
Although prices are still rising, you can see the signs of slowing as days on the market are longer and supply is increasing. Volume has not declined yet. Mortgage rates continue to remain very low which has kept this train moving. Demand is still high. New construction is trying to keep up with the demand. is typical for the market to slow in the fall. We will be watching these trends for next month.
In the meantime, check out some of these interesting reads from this month:
- Differences Between A Home Inspection and An Appraisal Inspection – Cleveland Appraisal Blog
- The Brady Bunch House Renovation And Thoughts On Value- Birmingham Appraisal Blog
- When 1,000 square feet doesn’t count– Sacramento Appraisal Blog
- Supercar manufacturer McLaren is moving its U.S. base to Coppell – Dallas Morning News
As always, if you have a question about real estate appraisals or need appraisal services, please feel free to contact us at www.dwslaterco.com
About The Author
Shannon is a Certified Residential Real Estate Appraiser and serves as the Vice President of the DW Slater Company. She joined David at the DW Slater Company in 2006. Shannon graduated Cum Laude from the University of North Texas with a BA degree. Prior to joining the DW Slater Company, she was an Elementary School Teacher for the Pilot Point Independent School District. Shannon is an FHA Certified Appraiser. Shannon is a designated member of the National Association of Appraisers and a member of the Association of Texas Appraisers. In her free time, Shannon enjoys spending time with her family, singing in a local church choir, and tandem cycling with her husband.
Thanks! It always seems to be hot in September but this year’s heat is really wearing on me. Thanks for the comments and great article!Reply
I’m ready for summer to end too. It was 99 our here in Sacramento this week with 20 mph winds, nasty wildfire weather. However, we’re back down to the 70s.
Perfect riding weather.
We have a similar market-little to no appreciation, slowing volume, rising inventory. Will be interesting to see what happens when rates rise significantly.Reply
I can’t wait for the 70s! If we can get a ride earlier in the morning it’s not too hot but if we go long, I’m done in the heat!
I’m with you, waiting to see what happens when interest rates rise.Reply
It’s finally starting to cool in Sacramento. Well, like Joe said it was about 100 earlier in the week. But these past two days it’s actually been chilly. It’s so schizophrenic at times…
Anyway, I like the word picture from a sports car to a tractor. Nice job.Reply
Thanks! We have officially had the hottest September on record. In the meantime, Montana is under severe blizzard conditions. Yes, I wonder how long we will be at this tractor pace.Reply
Good blog! I truly love how it is easy on my eyes and the data are well written. I am wondering how I could be notified when a new post has been made. I’ve subscribed to your RSS feed which must do the trick! Have a great day!Reply
Great post Shannon! While it’s been warmer than normal in Cleveland this year, it’s nothing like you all are experiencing. Hang in there! Cooler days ahead. I like your sports car to tractor analogy. It’s a great visual ton describe what’s going on in the market. Nice market update as well! Thanks also for mentioning my article! Hopefully the weather will cool down soon! Happy bicycling!