in the meantime Higher mortgage rate Although many buyers have been kicked out of the North Texas home market, home prices in June were still higher than in other ferocious US metros.
Median home prices in Dallas Fort Worth reached $ 426,000 in June, up 29.3% from $ 329,500 in June 2021, according to just released by Re / Max. National housing report. Home prices in the US have risen 11% from a year ago.
Among the 53 metropolitan areas analyzed by securities companies, the median selling price of D-FW increased the largest year-on-year. Some major markets, such as Austin, are not included in the report.
According to Re / Max, home sales fell 11.8% in metropolitan areas, with nearly 10,000 transactions. Housing inventories have almost doubled from a year ago to 14,404 properties. Although it rose sharply from the same month of the previous year, it fell slightly from May.
Mark Wolfe, owner of Re / Max DFW Associates, said homes are still selling above list prices, especially in places like Collin and Denton counties. Some offers are $ 60,000 higher than the list price if they are the only offer. This is a carryover from a busy market if the buyer has to offer more than the asking price if he wants to go home.
People migrating from California are fine with paying $ 50,000 to $ 100,000 higher than their suggested retail price and can be confident that they will be able to return to their desired home.
“There are so many California homebuyers, especially in the northern suburbs,” he said. “They have been washed away with cash.”
Nationally, home sales fell 17.6% from June last year and inventories rose 34.1% from May, rising for the third straight month.
“The market is moving towards a bigger balance, especially with higher inventories and slower price increases. Re / Max President and CEO Nick Bailey said in a statement in the past. The year has been one of the most competitive times ever for buyers.
According to Wolff, homes aren’t selling as fast as sellers and agencies expect, so one-quarter of all properties on the D-FW market are being discounted. He said that homes with price cuts are likely to be overpriced in the first place.
The number of shows per list in Wolf’s office has dropped from eight weekly last year to an average of three now. It takes weeks instead of days to sell a home, and more inventory is available.
“But three shows a week is still a really good market,” Wolfe said. “This is a bit more normal market than the boom of the last two years.”