D-FW home prices dip while most nationwide markets see increases – The Dallas Morning News

1 minute, 53 seconds Read

Dallas-Fort Worth was among the less than 20% of U.S. metro areas that didn’t see higher home sales prices in the last quarter.

While nationwide median sales prices for existing houses rose by about 2% from third quarter 2022, sales prices in the D-FW area were down 1.1% year over year, according to the latest report from the National Association of Realtors.


Buy/sell, rent/lease residential &
commercials real estate properties.

With a median sales price of $385,700, the cost of single-family homes in North Texas came in about $21,000 under the nationwide sales price of $406,900.

Advertisement

D-FW home prices are down from a peak of $408,200 in the mid-2022 Realtors price report.

D-FW Real Estate News

Get the latest news from Steve Brown and the business staff.

“Following the big price changes during the last several years, it’s natural to witness momentary swings in prices,” Realtors’ chief economist Lawrence Yun said in the report. “Some markets that experienced sizable home price gains since 2020 have turned lower, resulting in temporary relief for prospective home buyers.

“Also, a few markets in the West that experienced price declines in the prior quarter have seen prices rise again.”

Advertisement

Along with the price declines in D-FW, median home prices in the third quarter fell by 10.3% in Austin, 4.8% in Jackson, Miss. and 3.6% in Cape Coral-Ft. Myers, Fla.

The greatest third-quarter annual price increases were in Fond du Lac, Wis. (18.9%); Hickory-Lenoir-Morganton, N.C. (17.1%) and Oshkosh-Neenah, Wis. (15.2%).

About 11% of the 221 metro areas that the Realtors track each quarter saw double-digit percentage home price hikes.

Advertisement

In addition to D-FW’s recent softening in home sales prices, the number of sales have been declining.

North Texas home sales through the Realtors’ multiple listing service fell 7% in October compared to a year earlier as higher mortgage rates made it harder for buyers to afford homes.

Related Stories

Irving office building to be sold out of bankruptcy

A Dallas investor is buying an Irving office building out of the bankruptcy of a Houston real estate company.

Allen’s Katy Trail Ice House project includes two office buildings by developer Hines

Developer Hines is teaming up with the owner of the popular Katy Trail Ice House on a new mixed-use development in Allen

Old Parkland project tops out in Dallas’ Oak Lawn district

Construction has topped out on the Old Parkland East office building in Dallas’ Oak Lawn neighborhood.

This post was originally published on this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×