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Dallas-Fort Worth home sales, prices still falling — but at slower rate

Nov 22, 2023 | Home Buying, Home Prices/Worth, Home Selling, Housing Market, Interest Rates

Home sales continue to fall in most DFW cities and prices are down overall, although there are exceptions.

A for-sale sign in a Collin County neighborhood.

 

The seasonal decline in Dallas-Fort Worth home sales has softened, and prices remain stable or are down slightly, according to a new report.

After a double-digit decrease in September, DFW home sales fell only 7.8% month over month and 5.9% year over year in October, according to the latest Re/Max National Housing report, released Nov. 17.

Prices are down 1.3% month over month and down 1.2% year over year, bringing the median home-sale price in Dallas-Fort Worth to $390,000.

Danny Perez, managing director of Rockwall-based M&D Real Estate, said DFW is still a seller’s market, but it’s an unusual one.

“It’s still a seller’s market, but the tricky thing … is we’re doing far less transactions than what we were until 2020,” he said.

New listings in DFW are up 3.5% month over month and 6.8% year over year, according to the Re/Max report — although inventory levels remain near historical lows. The average DFW home sold in 45 days in October, up from 42 days in the same month last year.

A total of 6,516 homes sold in DFW in October, compared with 7,065 in September and 6,921 in October 2022.

Overall, the latest data is cause for tempered optimism, said Mark Wolfe, owner, president and broker of Re/Max DFW Associates.

“Interest rates are up [and] people have concerns about the economy and low inventory, yet the Dallas real estate market is surprisingly strong and improving,” Wolfe said. “Not included in MLS stats are the hundreds of new home sales that are offering buy-down interest rates. At our firm, we finally broke even with home sales in September over one year prior.”

He said the firm’s home sales rose 10% year over year in October and are forecast to be up 15% in November.

Overall, the DFW residential market is seeing fewer transactions now than in 2008 and 2009, even though there are more than 30% additional homes on the market than there were 15 years ago, Perez said.

“As a broker, I say yes, we’re still in a seller’s market, but yet you have to have your home sit on the market and you’re dropping prices,” Perez said. “That’s what we’re seeing across the whole Metroplex, because affordability is ultimately the issue with interest rates.”

“So you have a buyer, but you’re in a standoff because of the buyer’s cost of purchase due to interest rates,” he added. “They’ve said, ‘No, I’m not going to pay it any longer.’ Normally in a seller’s market, buyers have to pay whatever the seller dictates, but that’s not the case right now.”

On the plus side, inflation is moderating and interest rates have come down more than half a percentage point from as high as 8% four weeks ago, Perez said.

“I’m super excited from a real estate perspective to see this interest rate hike environment slow down so that we can begin to enter a new normal,” he said. “That isn’t to say we’re going backward to low, low interest rates again. But it is to say the interest rates may come down some now and start to stabilize instead of increasing.”

 

 

 

 

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https://www.bizjournals.com/dallas/news/2023/11/17/home-sales-prices-dallas-remax-danny-perez.html

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