Nov 15, 2022 - Real Estate

Homebuying in Dallas is finally easier, but not cheaper

Change in monthly mortgage payments, by loan size
Data: Freddie Mac; Chart: Madison Dong/Axios Visuals

The Dallas-Fort Worth real estate market is still leveling off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, metro-area buyers have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since passed 7%, squeezing homebuyer budgets.

By the numbers: Inventory is up 23% and pending sales are down 12% since May.

  • Median home sales prices fell from $464,000 to $420,000 from May to September.
  • Sellers are increasingly dropping their asking price. In September, 45% of listings had price cuts, up from 20.5% in May.
  • Meanwhile, a shrinking share of homes sold above list price. Nearly 27% of homes sold above list price in September, down from 71.5% in May.
  • Homes are now sitting on the market for more than twice as long. In May, homes sold in 14 days on average, compared with 32 days in September.

Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago.

The bottom line: North Texas' market is calmer, but buying a home right now isn't necessarily cheaper.

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