The median sale price of a home in the Dallas-Fort Worth area hit $400,000 last month.
That’s a jump of 23 percent from a year earlier and 1n increase of about 51 percent since from April 2019, according to the Texas Real Estate Research Center at Texas A&M University, the Dallas Morning News reported.
The report forecasts that prices will continue to increase in Texas though at a more moderate pace through the rest of this year, according to the publication.
“A lot is hanging in the balance right now between the supply constraints, the continued demand that we’ve seen, and also mortgage rates,” said Adam Purdue, a research economist for the Texas Real Estate Research Center.
A new report from Realtor.com also shows that the inventory of single-family homes, condos, and townhomes in the Dallas-Fort Worth area was down 6.9% since last April. This is a much slower decline than the 21 percent drop in March and 33 percent in April.
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The continued rise in prices coupled with mortgage rates reaching 5 percent seems to be easing the shrinking home inventory seen over the last few years in Texas and across the U.S., which could lead to slower price increases in the coming months, according to the publication. Nationally, home inventory is down 66.8 percent since April 2019 but was only down 12.2 percent since last April, the smallest decline since December 2019.
“There’s a slight bit of a slowdown, but don’t get me wrong, it’s still a very strong seller’s market,” said Todd Luong, a real estate agent with Re/Max DFW Associates. He also said that offers for homes are coming in more slowly than last year. Instead of getting 40 offers on a home, a seller today might only get a dozen, he said.
[The Dallas Morning News] — James Bell