We’ve officially made our way into fall, and while monthly averages for new homes on the market and contracts written are trending downward, our market here in Dallas-Fort Worth continues to remain strong.
Here are the current trends in our market:
As we mentioned in last month’s market update, the trends above are in line with what we typically see in years prior to 2020, further establishing the case that our current market represents more of a new norm than an anomaly.
For buyers, competition remains high, yet we saw Days on Market increase for the first time since December of last year, which suggests there are opportunities to be found.
For sellers, the average list price to sale price ratio in our market is still at 100%, making it still a great time to sell.
Now, let’s touch on one topic that has come across our news feed more and more of late: mortgage rates. Rates have increased and demand has decreased in recent weeks, prompting questions about the broader market. With home prices remaining high and limited inventory available, a significant upward shift in mortgage rates could be a devastating blow to prospective homebuyers.
While any increase in mortgage rates impacts spending power, history provides us with some much-needed context. Looking over Freddie Mac’s breakdown of rates in recent years, even though we’ve seen rates jump above 3%, they remain at or around historical lows. How about those rates back in the early ’80s!
We’ll continue to keep an eye on mortgage rates and any changes that come in the months ahead. If you’re considering making a move and have questions about financing, drop us a line on our financing page and we would be happy to connect you with a lender that can help!