Dallas-Forth Worth homes sell in less than 3 months
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Dallas-Fort Worth's housing supply remains tight but has returned to pre-pandemic levels.
Why it matters: Housing supply has a big impact on affordability.
Zoom in: It takes less than three months to sell a house in D-FW, about the same length of time it took in mid-2019.
- In 2022, houses were selling in less than a month, driving up prices and limiting options for prospective buyers.
The big picture: The housing market is considered balanced when supply meets the six-month level. Nationally, this hasn't happened since 2012.
- "The market is fundamentally unbalanced," because the U.S. is short an estimated 3.8 million homes, Redfin chief economist Daryl Fairweather tells Axios.
Zoom out: Austin had a two-month housing supply in May 2019. This May, Austin's supply was up to 4.2 months.
- In San Antonio, the housing supply was 2.8 months in May 2019. It's now up to 4 months.
Fun fact: Dallas-area residents who want to leave the region are most likely to move to Phoenix — leaving one hot climate for an even hotter climate.
- Otherwise, they're most likely to head to Austin or Houston, per Redfin.
What's next: If mortgage rates fall, demand will surge and supply will continue to deplete, per Redfin experts.