/cloudfront-us-east-1.images.arcpublishing.com/dmn/2S5Q526D2FBL5B2BM2OJFTA3EI.jpg "Dallas-Fort Worth home prices continued historic decline, as U.S. followed suit")
U.S. home prices recorded their first year-over-year decrease since 2012 in April, while Dallas-Fort Worth prices continued their historic decline, according to one of the most respected measures of the housing market.
Nationally, single-family home prices fell 0.2% from April 2022 to April 2023, down from an annual gain of 0.7% in March, the latest reading of the S&P Core Logic Case-Shiller home price index shows.
In Dallas-Fort Worth, prices were down 2.9% from the previous April after a 1.2% year-over-year increase in March.
From March to April, U.S. prices were up 1.3% and local prices were up 1.4%.
The last time the U.S. market posted an annual decline was in April 2012. Dallas-Fort Worth prices saw their first decline on the index since February 2012 in March.
Of the cities that appear in the Case-Shiller index, Miami, Chicago and Atlanta saw the biggest year-over-year gains in April, with Dallas-Fort Worth in the middle of the pack. But no market surpassed 6%.
The days of double-digit increases among the 20 tracked cities, which were common last year, have ended.
The Case-Shiller index is a three-month moving average that compares sales-price changes of specific properties over time.
While it is a couple of months behind current market conditions — with April’s data reflecting purchases made at the start of the year — the index’s price estimate is considered more accurate than data from agents, which can be influenced by the type of properties that are selling each month.
More recent numbers from the listings database used by real estate agents showed a 5% year-over-year decline in median single-family home prices to $412,500 in May, according to the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems. Sales declined 2% from a year before.
On a monthly basis, the Case-Shiller index shows U.S. prices declined from last June through this January. But with three consecutive months of monthly gains since then, the market may be recovering, according to S&P managing director Craig Lazzara.
“If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument,” Lazzara said in a statement.
“Whether we see further support for that view in coming months will depend on how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.”
Selma Hepp, chief economist for CoreLogic, said the month-over-month gain in U.S. home prices suggests homebuying conditions and prices are heating up in many markets again.
“In addition, price gains among high-tier homes are once again showing a strong rebound,” Hepp said in a statement. “Also, some markets that were weak during the pandemic are now showing strong price gains across price tiers, particularly Boston.”
After a historic 57% rise in prices from April 2020 to June 2022, D-FW prices sank 8.5% through January 2023 but bounced back 2.5% through this April.
The D-FW market still has a very low amount of inventory fueling competition and prices, just not to the intense levels seen from 2020 to 2022.
“There are buyers right now who are calling me and asking me to help them buy a home in Plano, but I have no inventory to show them,” Todd Luong, a real estate agent in Frisco with Re/Max DFW Associates, said in an email. “Sellers still have a tremendous advantage right now, creating a challenging situation for buyers.
“It would not be surprising to see further upward pressure on home prices in the near future.”
The average rate for a 30-year fixed-rate mortgage was 6.67% as of June 22, down from 5.81% a year ago, according to Freddie Mac.
“The biggest factor is still going to be interest rates,” Luong said. “If interest rates somehow go down, I think demand is going to go up and we are going to see even higher prices, especially as we continue to see population growth and a healthy job market here in the Dallas-Fort Worth area.”
Amy Messer, a real estate agent in Dallas with Douglas Elliman Real Estate, said that while some luxury markets have slowed for the summer as families have gone off to second homes or on vacation, the region’s housing market is still steady throughout all price ranges, from the $300,000s to the millions.
She said the market is just not seeing the double-digit price increases of previous years and there is more hesitancy around mortgage rates.
“Some people are nervous to sell because of interest rates. Other people are waiting to see interest rates drop, which I think is actually a huge mistake,” Messer said. “I think people should buy before prices go up, because they will continue to go up.”
As the Stars pass the quarter point in the 2024-25 season, they definitely have some challenges.
After posting back-to-back trips to the Western Conference Final under coach Pete DeBoer and his staff, the start of this year has been uneven. Dallas last season had the best road record in the NHL and the best in franchise history at 26-10-5. This year, Dallas is 5-6-0 away from home and also has an additional “home” loss in Finland. That’s something that has to be addressed.
But, conversely, they are much better at home, going 8-1-0 at American Airlines Center, adding to the realization that this is a completely different season.
So when you compare the two performances, there is a lot to be addressed. Dallas was second best in points percentage last season at .689 and is eighth best this year at .619. The Stars last season were third in scoring at 3.59 goals per game and are eighth this year at 3.38 goals per game. That said, they are still eighth in both categories.
But it doesn’t feel that way.
“This team I don’t think has had a ton of adversity these last two years, and there’s a little bit coming at us right now,” said Duchene after a 6-2 loss in Chicago on Wednesday. “We’ve just got to figure things out and keep working and pushing.”
The Stars’ biggest issue so far has been a lack of power play success. Dallas is 25th in success rate on the man advantage at 16.7 percent after ranking sixth last year at 24.2 percent. They also have surrendered three shorthanded goals after allowing only four all of last season.
“We have to find the balance,” said Johnston. “You can’t panic, you have to stay focused. You just have to outwork the penalty killers. You have five guys, but you still have to work harder than their four.”
The Stars will get the chance to do that with some great tests coming up. Dallas plays host to Colorado on Friday and Winnipeg on Sunday. The Avalanche are starting to get healthy and are 7-2-0 in their past nine games. Winnipeg is leading the NHL at 18-5-0. After winning the Central Division last season, Dallas currently ranks third.
That said, this is a strange season. Because the league will shut down for the Four Nations Faceoff in February, and because the Stars took a week to go to Finland, the schedule is condensed. As a result, the players and coaches have to adjust. Even so, many good teams have had challenges this year too, and that’s part of the game.
“You look around the league and we’re not the only team going through something like this,” DeBoer said. “You have to dig in and stick together and get your foundation back and play better hockey.”
The New York Giants’ dreadful 2024 season continued with a 27-20 to the Dallas Cowboys on Thanksgiving. It was the Giants’ seventh-straight loss this season and their eighth-consecutive defeat at the hands of the Cowboys, dating back to the 2020 season.
The Cowboys benefitted from two Giants turnovers, including a pick-6 by DeMarvion Overshown in the second quarter he returned 23 yards to give the Cowboys a 13-7 lead, the Cowboys at that point never relinquishing the lead.
The other came following a Giants fumble in the second half, which the Cowboys converted into another touchdown to cap a six-play scoring drive.
The game started well, as the Giants held the Cowboys to just a field goal after their first possession. The Giants offense took the field with Drew Lock under center for the injured Tommy DeVito.
Lock was under pressure practically half the game, the Cowboys hitting him 14 times and sacking him six. The Giants also had just as many penalties in this game (13) as they did first downs (17), and their defense once again couldn’t stop the run if they tried, with missed tackles–at least 10 of them in the first half alone–an ongoing problem.
Cowboys running back Rico Dowdle captured his first career 100+ yard rushing game, going for 112 yards and one touchdown against the Giants, who saw three defensive linemen–D.J. Davidson (shoulder), Rakeem Nunez-Roches (stinger) and Dexter Lawrence II (elbow)–leave the game with injuries.
Cowboys quarterback Cooper Rush finished 21 of 36 for 195 yards and one touchdown, his leading receiver being tight end Luke Schoonmaker (five catches on six pass targets).
Lock and running back Tyrone Tracy, Jr. scored the Giants’ two touchdowns, TRacy’s coming on a 1-yard run on the Giants’ opening drive to give them their first lead in a game since Week 6, and then Lock scoring a fourth-quarter garbage time touchdown on an 8-yard rush to make it 27-20 with 2:18 left.
The Giants got the rest of their scoring from kicker Graham Gano, who hit field goals of 46 and 47 yards.
Giants receiver Malik Nabers caught 13 pass targets for 69 yards, but he also dropped two balls. Rookie tight end Theo Johnson displayed toughness on a few of his receptions, hauling in five catches for 54 yards.
This is the Giants’ ninth time in the last 11 seasons that they’ve lost at least ten games. This loss eliminated them from playoff contention and currently slots them into the No.1 pick in April’s draft.
The Giants will have 10 days to prepare for their next matchup, a home meeting with the New Orleans Saints. They’re now the only team in the NFL to win a game at home still not this season, and they currently have the league’s longest losing streak.
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New York Giants quarterback Tommy DeVito is expected to be out for Thursday’s game against the Dallas Cowboys because of his forearm injury and Drew Lock is expected to start in his place, sources told ESPN’s Adam Schefter and Jordan Raanan.
DeVito is listed as questionable for the Thanksgiving Day game, but a source told ESPN on Wednesday that DeVito was considered a long shot to play.
He did not travel with the team to Dallas on Wednesday as he was undergoing further evaluation, the Giants said. The team, however, said it expected him to travel to Dallas later Wednesday.
DeVito took several big hits in Sunday’s 30-7 loss to the Tampa Bay Buccaneers. He was making his first start of the season after the Giants released former starter Daniel Jones late last week.
The Giants turn to Lock after bypassing him following the benching of Jones for DeVito. Lock spent the first 10 weeks as the backup, with DeVito as the third string/emergency quarterback.
Lock has a short week and no real practices to get ready for the matchup of NFC East rivals. He also will be playing behind an offensive line without its starting tackles. Andrew Thomas (foot) is on injured reserve and Jermaine Eluemunor (quad) was ruled out Wednesday.
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