Even with higher rates, North Texas home sales, prices down slightly from last June
“I’m happy that buyers have a certain degree of negotiability and more leverage shifted a little back toward them in the transaction than we had a year ago,” said Matt Haistings, a real estate agent in Plano for Compass.While the number of active listings increased 16% over the last year as homes sit on the market longer, new listings dropped 22%. Many would-be home sellers are not willing to give up low mortgage rates on their current homes.
“There’s low inventory, and for a lot of people in the entry-level and middle market — the supply situation is really more like a month of supply of move-in-ready, quality homes,” Haistings said. “And so, they are clamoring to get something.”2022. After falling about 13% from the peak of $435,000 in May and June 2022 to $380,000 in January, prices have since risen about 9%.
Of the four major Dallas-Fort Worth counties, Collin County homes sold for the highest price at a median of $555,000. Collin and Tarrant County homes saw the biggest price decreases of those counties, and Dallas and Tarrant saw the largest price declines.The average rate for a 30-year, fixed-rate mortgage has fluctuated between 6% and almost 7% throughout this year after jumping up from 2021′s record low of less than 3%, according to Freddie Mac.
Jason Dickson, owner of North Texas-based Nuwave Lending, said buyers are more comfortable with mortgage-rate increases than they were when the rates started hiking upward last year. “A year later, all of those people that held off there, they’ve either already purchased or they’re in a frenzy to purchase because they realize, rates have not come down, but prices continue to climb,” for in-demand, non-investor homes in good school districts and neighborhoods, Dickson said. “I’m seeing strong demand and still multiple offers.”
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