A recent increase in home sales has led to inventory being at its lowest level in six years across the U.S.
According to newly released figures, the number of homes on the market dropped more than 6% in September, halting several consecutive months of rising inventory.
In Dallas-Fort Worth, however, inventory has ticked up slightly compared to this same time last year, and rising home prices, which are up more than 4% year-over-year, could be a contributing factor.
But at the same time, national home prices are also up 4.8% compared September 2018, demonstrating the spike hasn’t impacted sales across the country.
It is worth noting that the rise in DFW inventory is minimal at best. Analysts say the DFW area collectively recorded just a 0.4% jump in available homes for sale, and also noted that more people tend to list their homes in favorable market conditions.
Compared to last September, 1% more homes were listed with local real estate agents and consumers both locally and nationally are still taking advantage of lower mortgage rates.