April Newsletter- Markets Still Flying

Picture of house with pink azaleas, located in the Azalea District of Tyler, TX
Azalea District, Tyler, TX

“Winter’s done, and April’s in the skies, Earth, look up with laughter in your eyes!”

Charles G. D. Roberts

It has been an unusual April in North Texas this year and one of the windiest on record! The picture above was taken in the Azalea District in Tyler, TX a day before high winds came through and uprooted many trees in the area. Typically March is windy but this year April has felt like March.  What about our housing markets?  March and April are typically the beginning of the strong selling season that typically peaks in June or July. (you can check this out by looking at the history on the interactive charts if you are reading this on the blog) The markets are still going strong!  Collin County is at an all-time high of a median sales price of $540,000. All four counties are up from last year.  

With mortgage rates now higher than they have been in a decade, are there any signs of a cooling? It is of note that the numbers we are looking at are closed sales from March.  Many of those went under contract in February so there is a lag in market impacts.  The rise of mortgage rates will decrease the number of market participants, which will lessen the demand in turn balance out the market. However, this impact is not immediate.  Once mortgage rates began to climb at a faster rate, many began to jump into the market to “get in before they get higher”.  This reaction will dissipate and perhaps there will be some slight cooling in the market.  Other market impacts to watch will be inflation, affordability, and rising rents.  

With our current markets, the supply is still extremely low, houses are selling over list price and demand is still high.  We will continue to watch our markets to see if there will be a slowing in the next few months.  Here are the current numbers (remember to use the interactive links to get a good idea of how the markets are moving) 

Median Sales Price 

Months of Supply

Days On Market

Showings to Pending

Volume


Appraiser’s Corner

Picture of Appraiser at a desk working

Check out this month’s information just for real estate appraisers. If you have information that you think would be good here, please let us know.

Text that reads: Great Appraisal Reads- Click the links to discover

Great Appraisal Reads

Bias: Blame the Messenger?– George Dell 

Who will drive future farmland prices? – Mike Downey

Do We Need a Neighborhood Section? – George Dell 

Canada to Ban Foreigns from Buying Homes as Prices Soar – Bloomberg

A shift in demand for the housing market – Sacramento Appraisal Blog

Is Your Crazy Neighbor Lowing Your Home’s Value? – Cleveland Appraisal Blog

Understanding the Appraisal Part 3: The Cost Approach– Birmingham Appraisal Blog

I Can’t Get No Housing Satisfaction – Housing Notes, Jonathan Miller

Crazy Appraisal Stories! We all have them!– Appraisal Today

FHA adds 40-year loan term to COVID-19 arsenal- Housing Wire

Webinars

The Move to ANSI Standards Webinar– Valuation Review

 Appraisal Policies, Principals, and Practices for Appraisers– FHA 

Feeling ANSI about Fannie Mae’s New Measurement Requirement? – RAC

Free Webinar: The Appraisal Foundation 2022 Q2 Update– McKissock

“Let’s Talk Appraisals” Webinar with Jeff Allen & John Brenan -Cubicasa 

What did I miss? What is happening in your market? Do you think housing prices will soon slow?  What do you think the impact of inflation will have on the housing market? We will continue to watch the markets and provide monthly updates. Let us know how we can provide appraisal services and information for you! 

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