The median home price in Fort Worth dipped slightly in June, signaling a possible slowdown in the white-hot North Texas market.
While still up more than 20 percent year-over-year, the median price for a home in Fort Worth was $363,000 in last month, down from May’s figure of $367,000, according to the Dallas Business Journal.
But homes are still selling fast, with Fort Worth properties spending just 16 days on the market on average — eight day less than June last year — suggesting that demand is still high as prospective homebuyers who have been sidelined due to low inventory are stepping back into the market.
Seller interest may be starting to outpace buyer interest, however. The area’s inventory nearly tripled in June compared to the month before, according to a report from the Greater Fort Worth Association of Realtors — albeit from a very low base.
“We are at that time of the year when typically we see home prices at their peak, but recently we’ve seen more price reductions,” said Shannon Ashkinos, President of GFWAR, in a statement. “This could be indicative of sellers continuing to try to overprice and the market making an adjustment, but it’s likely we’re headed toward a more normalized market.”
Rising mortgage rates — which struck major blows to North Texas lenders this year — have put a chill on other major Texas markets a well.
Houston saw sales fall by 8.6 percent in June year on year — the third consecutive month of decline — as inventory jumped 27.4 percent.
Home sales in the Austin area declined 20 percent year-over-year in June, and inventory nearly doubled month-over-month, reaching 2.1 months in June, up from 1.2 months in May. Active listings were up 218 percent over June 2021.
In the week ending July 7, a 30-year fixed-rate mortgage was at 5.3 percent. During the same time last year, 30-year rates averaged 2.9 percent, according to the GFWAR report.
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— Maddy Sperling