Agents sold 8,260 preowned homes in September, a 7% decrease from September 2017.
Year-to-date existing home sales are now flat with the same period of 2017; a record of over 106,000 existing homes were sold in 2017.
Higher mortgage rates and years of rising home prices have caused some buyers to retreat from market.
Inventory of available homes increased 16%, but still represents only a 3-month supply; 6 months is considered a balanced market.
It’s always a welcome change to me when the temperature falls (some) and the leaves begin to change to vivid autumn hues.
As you can see in the enclosed report, it appears our housing market is also changing a little with the season. After several years of an almost unsustainable home sales pace, the market is cooling a bit. That’s not a bad thing as increases in the average sales price for most ranges slows down, and we enjoy a slight uptick in the number of homes available to prospective buyers.
That’s important because thousands of people continue to move into North Texas every month. In fact, the Urban Land Institute and PricewaterhouseCoopers just cited the Dallas-Fort Worth (DFW) Metroplex as the top market in the country in 2019 for overall real estate growth, prospects and liquidity. Key factors such as rates of job and population growth, vibrant lifestyle and a productive and educated workforce contributed to this ranking.
You can remain confident in your investment in a North Texas area home! And, if you or anyone you care about needs additional information about buying or selling real estate n today’s climate, feel free to contact me!