Dallas' real estate market isn't cooling just yet
With pending home sales up 11.5% and median home sale prices up 24% from May 2021, Dallas' real estate market is holding steady for now.
Why it matters: We keep hearing about a market crash, but so far, local data doesn't support that claim.
What's happening: From May 2021 to May 2022, new listings were up 14.3% and pending sales were up 11.5%.
- More sellers are dropping their asking price. There was a 6.7 percentage point increase in the number of price reductions year over year in May, according to Redfin.
Zoom out: Nationally, mortgage applications were down 24%, and, on average, 6.5% of sellers dropped their asking price each week in June, per Redfin's latest market update.
- In June, national pending home sales were down 13% from this time last year, the largest decline since May 2020, Redfin's report stated.
What we're watching: New listings and pending sales. If more listings flood the market this summer and buyers don't bite, that's when we would start to see more power shift into buyers' hands.
The bottom line: Major changes haven't hit Dallas yet.
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