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Kathy Slaughter
REALTOR®, CRS, ABR
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July
25

While higher mortgage rates have driven many buyers out of the North Texas housing market, home prices still soared in June more than in other red-hot U.S. metros.  The median home price in Dallas-Fort Worth reached $426,000 in June, up 29.3% from $329,500 in June 2021, according to REMAX's just-released national housing report.  

U.S. home prices were up 11% from a year ago.  D-FW saw the largest year-over-year increase in median sale price among the 53 metro areas analyzed by the brokerage. Some major markets, such as Austin, are not included in the report.  Home sales were down 11.8% in the metro area, with nearly 10,000 transactions, according to RE/MAX. Home inventory has nearly doubled from a year ago to 14,404 properties. Even with the sharp increase year over year, prices were down slightly from May. 

Dallas-Fort Worth home prices still soaring

Of all 53 metro areas RE/MAX analyzed, the company found Dallas-Fort Worth's median home price grew the most from June 2021 to June 2022.

Table with 4 columns and 5 rows. Currently displaying rows 1 to 5.

Market

June 2022

June 2021

% change

1

Dallas-Fort Worth

$426,000

$329,500

29%

2

Tampa, FL

$385,000

$300,990

28%

3

Fayetteville, AR

$343,580

$270,000

27%

4

Las Vegas, NV

$445,000

$365,000

22%

5

Orlando, FL

$395,000

$325,000

22%

Table: Mitchell Parton/DMN  Source: Re/Max National Housing Report  

Mark Wolfe, owner of RE/MAX DFW Associates, said homes are still selling over list price, especially in places like Collin County and Denton County. Some offers will even come in as much as $60,000 over list price when they are the only offer, a carryover from the busier market when buyers had to offer above the asking price if they wanted to get a home.  

People relocating from California have no problem paying $50,000 to $100,000 over list price to make sure they get the home they want, and they will still see it as a good deal, Wolfe said.  "Especially in the northern suburbs, we have a tremendous amount of California homebuyers," he said. "They're flushed with cash." 

Nationally, home sales dropped 17.6% since last June and inventory grew for a third consecutive month, up 34.1% from May.  "The market is moving toward greater balance, especially with inventory gains and the slowing of price appreciation. The past few years have been one of the most competitive times ever for buyers — and we're finally seeing conditions ease up," Nick Bailey, president and CEO of RE/MAX, said in a statement.  

Wolfe said that a quarter of all listings on the market in D-FW are now seeing price reductions, as homes aren't selling as quickly as sellers and agents expect. Homes seeing price drops were likely overpriced to begin with, he said.  The number of showings per listing at Wolfe's offices are down from eight each week last year to an average of three now. Homes are taking weeks instead of days to sell, and more inventory is available.  "But three showings a week is really still a good market," Wolfe said. "It's a little bit more of a normal market than the boom we've had for the last two years."

  • Dallas Morning News, July 18, 2022
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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 11/30/2022. The listing information on this page last changed on 11/30/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of NTREIS (last updated Wed 11/30/2022 4:35:18 PM EST) or Permian Basin MLS (last updated Mon 11/21/2022 7:45:23 AM EST). Real estate listings held by brokerage firms other than RE/MAX DFW Associates may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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