The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today. DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.
And what a difference a month makes. Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year. In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021. Homes in DFW spend an average of 23 days on the market before selling.
Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates: "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."
While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said. Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing. "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."
A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons. According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.
Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.
According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June. Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.
The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit. Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing. This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"
Luong said he sees positive signs in the market. The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country. "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."
If you feel like you've done it all, our real estate agents have a new date night suggestion for you: Cooking classes!
Cooking classes are both fun and functional. You'll learn to create wholesome, satisfying meals that can save you plenty of money. At the same time, you'll share a unique experience that might just give you a new favorite thing to do together. Maybe your next date includes cooking the dinner of your dreams!
No matter whether you're looking at Dallas homes for sale or down the road at Fort Worth homes for sale, there are plenty of cooking classes to browse. Virtual or in-person options are both available, so you can choose to have date night in the comfort of your own kitchen if you prefer.
Here's a taste of some of the leading local brands for local cooking classes:
Contact us to learn more about real estate in Dallas-Fort Worth.
DFW might be a thriving urban metropolis, but the area retains a number of places where nature takes center stage. Our real estate agents refresh body, mind, and spirit with visits to these beautiful nature centers throughout the area.
Ready to learn more about what life in Texas has to offer? Contact us at RE/MAX DFW Associates to learn more.
After weeks or months of browsing Dallas homes for sale, visiting open houses, negotiating with sellers, and dealing with the exhausting relocation tasks, you're finally in your new home. It's time to make your new place feel like home and settle into your new surroundings. For some people, this could fall into place when your new neighbors see your moving truck, but in most cases, you have to put in work to get acquainted with your new surroundings. All it takes is a positive attitude and willingness to make it work out. Here is our real estate agent's list of 5 top strategies to help you get familiar with your new neighborhood.
As stressful as moving can be, getting to know your new neighborhood is an amazing opportunity to welcome new friends, find new passions, and explore the world with a fresh set of eyes. Still looking at Fort Worth homes for sale and aren't sure if you've found your dream spot? Our team can help. Contact us today for more information.
Avid golfers have multiple places throughout the DFW area perfect for working on your golf game. Our real estate agents can't wait to get in the swing of spring at these great driving ranges around DFW.
Whether you're buying or selling a home in DFW, you'll score an ace every time with the help of our dedicated real estate agents. Contact us at RE/MAX DFW Associates to get started.
Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.
In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.
Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.
Whether you're trying to find the ideal gift for someone who already has everything or a small, thoughtful stocking stuffer for someone with a sweet tooth, the gift of a sweet treat never goes out of style. Lucky for you, the DFW area is filled with candy shops that offer something to satisfy every taste! From traditional candy made from decades-old family recipes to zany, new candy creations, you can find it all close to home in DFW. Our real estate agents have all the delicious details on 6 great candy shops where you can find your stocking stuffers this year.
Blooms Candy & Soda Pop Shop – 1106 W Main St., Carrollton, TX 75006
Starting as a small flower shop before blossoming into one of the area's best retro candy shops, Blooms Candy & Soda Pop Shop prides itself on serving up candy varieties that you don't see every day. There are more than 800 types of candy available in the store, with unique treats that are a delight for kids young and old.
Fort Worth Fudge and Toffee – 324 N Jim Wright Fwy, Fort Worth, TX 76108
You won't have to travel far from Fort Worth homes for sale to find sweet stocking stuffers, thanks to legendary local candy shops like Fort Worth Fudge and Toffee. Naturally, the fudge is the main attraction, and there are more than 15 types of fudge available to satisfy any sweet tooth. While the shop is not currently open for regular hours, you can still call ahead, make an appointment to visit, and shop to your heart's content.
Kate Weiser Chocolate – 3011 Gulden Ln., Suite 115, Dallas, TX 75212
Searching for sweet, satisfying chocolate near Dallas homes for sale? Make the trip to Kate Weiser Chocolate, where gourmet, hand-crafted treats are always on the menu. If you believe chocolate is an art form, this is a great place to shop. Each piece has been designed to look just as great as it tastes, with expert guidance from lead chocolatier Kate Weiser. No detail is too small for this team, and the results are delicious.
Natalie's Candy Jar – DFW International Airport, Terminal B, DFW Airport, TX 75261
Will your journeys be taking you to the DFW International Airport at any point during the holiday shopping season? Then be sure to check out Natalie's Candy Jar, which has multiple locations throughout the airport where you can shop for sweet gifts. Natalie's Candy Jar is a gourmet, self-serve candy shop with more than 400 varieties available.
Dylan's Candy Bar – 2400 Aviation Dr., Terminal D, DFW Airport, TX 75261
Also located at DFW International Airport, you will find Dylan's Candy Bar, a fun, colorful candy shop that's perfect for finding all of the stocking stuffers you need for the younger members of your holiday shopping list. If you're looking for a larger gift, Dylan's Candy Bar also offers a diverse selection of holiday gift baskets and packages.
CocoAndre Chocolatier – 508 W 7th St., Dallas, TX 75208
Operated by Andrea Pedraza, who has more than 30 years of experience creating world-class candy, chocolate, and truffles, CocoAndre Chocolatier features high-end candy that will look great in any stocking. Go with a classic chocolate or truffle, but don't forget to try unique, delicious treats like the pistachio bark.
Searching for the perfect home where you can share holiday memories with your favorite people for years to come? We can help. Contact us today.