The DFW housing market has certainly been booming over the last several years but are we about to see a bit of a slowdown in the coming months?
As reported earlier in the month, home sales across the U.S. saw a slight drop for the fourth straight month in July, and new home sales were also down 2 percent last month year-over-year as well.
Despite a strong economy and a still-thriving labor market, single-family home starts and permits have apparently slowed, and it’s caused some economists to raise an eyebrow.
Steadily increasing home prices and higher mortgage rates have certainly contributed to the recent slowdown nationally, and that can certainly be said for here in DFW as well. Year-to-date sales locally are now showing a 2 percent drop as of the end of July while home price gains over the last few years have risen by double digits.
But as inventory for affordable homes remains nearly non-existent and many would-be first time home buyers have instead opted to keep renting, even price gains throughout North Texas have slowed.
According to recent data from DFW Realtors, home prices are only up 6 percent though the first seven months of 2018, which compared to previous years is actually somewhat of a drop-off.