If you’ve been looking for a DFW home and feeling the pain from a lack of housing inventory, good news is on the horizon. According to newly released market stats, active single-family home listings in the DFW area jumped 26 percent year-over-year last month, reaching 10,560 homes on the market at the end of May.
Despite the increased inventory, however, home prices are still up 23 percent year-over-year, reaching a whopping $438,000. And prices are up significantly in every single North Texas community compared to this same time last year.
As noted by the Dallas Morning News, even lower-cost communities like Garland and Mesquite are seeing considerable increases in home prices. Garland homes, for example, have spiked from $270,000 to $342,500 year-over-year, while Mesquite saw prices jump from $239,000 to $296,008.
Higher home prices and increased mortgage rates have helped soften demand from borrowers a bit, but homes up for sale just barely exceed a month’s worth of inventory, which is still well below what’s considered a normal and balanced market.
With inflation and higher gas prices also impacting economic conditions, the urgency to buy isn’t quite as strong as when many sellers were receiving up to 20+ offers within a matter of days.
But even as market conditions are changing, most real estate analysts agree that a return to normalcy, or at least close to normalcy, isn’t necessarily a bad thing, especially for those still looking to buy sooner rather than later.
Posted by Kenneth G. Cox on