Contrary to popular belief, summer has always been slow in the Dallas-Fort Worth housing market. July and August were slow, which makes sense because honestly who stays here in the summer if they do not have to? That is especially true this summer with record-setting temperatures pumping in at over 100 degrees day after day. And while the demand has shrunk with interesting interest rates, unfortunately for buyers I do not expect home prices in DFW to tumble anytime soon.

As a consumer in the real estate space, it is vital to understand the information that you are hearing from the various media outlets reporting on the market. For starters, a decline in home sales does not mean a decline in home prices. Inventories in DFW grew in July and August, but I think this was due to sellers wanting to jump on the bandwagon of the crazy pricing of 2021-early 2022, and now finding themselves sitting on the market with unrealistic expectations. And, of course, higher interest rates have deterred some buyers, but there are ways to combat this too. DFW still has a housing shortage and people are still flocking to Texas! Basically, there is nothing slow about DFW’s economic growth.

According to the latest Bureau of Labor Statistics report, DFW experienced a 7.7 percent year-over-year increase in jobs compared to the 4.5 percent national average. Many of these jobs are being filled by people moving here, and the Californians have cash so mortgage rate increases have little effect on their purchasing power.

According to the latest report from the Texas Real Estate Research Center, there has been an increase in the Texas inventory to a two-month supply up from one month in February. This means that if the market were to freeze today, all the homes would be bought up in two months and there would be nothing else to buy. If you were a seller and sold, you would now become a struggling buyer in this market. 

Also, remember I am noting and estimating that about 30-40 percent of sales are trading off the market. These numbers and sales data will not show up in any statistics you can find in the press or elsewhere. 

Have a wonderful September! If I can help with any of your real estate needs please let me know.

xo Christy

Alison JensenSeptember 10, 2022