09/21/2023
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings were down in the North Texas region 2.6 percent to 14,350.
Pending Sales decreased 18.7 percent to 8,754.
Inventory grew 0.9 percent to 29,661 units.
Prices moved lower as Median Sales Price was down 2.5 percent to $375,000.
Days on Market increased 64.0 percent to 41.
Months Supply of Inventory was up 14.3 percent to 3.2 months., indicating that supply increased relative to demand.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.
Data Source: NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, INC
Market Overview Source: https://ntreis.net/download/august-2023-monthly-market-indicators/?wpdmdl=10432
Local Market Update Source: https://ntreis.net/download/ntreis-statistics-local-market-update-2023-august/?wpdmdl=10433