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July DFW Market Update


July DFW Market Update

As you’ve likely heard, the Consumer Price Index that was released on Wednesday said prices on consumer goods and services were 9.1 percent higher last month than they were a year ago. You’ve noticed this every time you fill up your gas tank and might even be making a conscious effort not to drive as much. 

Unfortunately, if the war in Ukraine continues, global energy prices will continue to be high too. Another area where these increases are noticeable is at the grocery store where food has had the highest explosion in pricing rising 12.2 percent year over year. 

It is hard to believe but we are already in the third quarter of 2022 and talks of a recession are still floating around constantly. And by no means are recessions ever good, but it might help in some respects. 

For one, the housing demand has cooled dramatically due to higher interest rates and the tumbling of the stock market. Inventory is increasing daily, and you can even see price reductions while new expectations between sellers are being set by the buyer’s demand. 

Mortgage rates have almost doubled since the beginning of the year and the Federal Reserve meets again in two weeks. Where once you would have 20 offers on an updated move-in-ready home, you now may have two, and that is after a week of it being on the market. There is a lot of anxiety in the market right now, but this too shall pass. 

We in Dallas-Fort Worth are in a different place than a lot of the United States as we have more Fortune 500 companies than anywhere else in the country. Caterpillar is the latest company to announce a major move to the metroplex. DFW is diversified and there are frankly just more opportunities afforded to us here in North Texas than in most of the rest of the United States. 

We will be just fine. If you would like to know what your home is worth in today’s market, please let me know. 

Have a great Summer!

– Christy

Christy BerryJuly 20, 2022