Dallas-Fort Worth’s housing market is defying expectations, as the region saw another year-over-year sales increase in April.
Nearly 8,500 homes closed in DFW last month, marking a nearly 9 percent jump from April 2023, when 7,865 homes sold, the Dallas Morning News reported, citing RE/MAX. Besides that, inventory is on the rise. DFW had more than 13,000 active listings last month, up 31 percent from a year prior.
In January, existing home sales in the region jumped 14 percent from the previous year, with more than 5,200 closings. The number of showings also skyrocketed by almost 41 percent year-over-year in January, while inventory rose by 79 percent.
DFW’s hot start to 2024 contradicted projections. The combination of rising mortgage rates, low housing inventory and declining affordability was expected to continue limiting existing home sales throughout the year, but so far, that hasn’t been the case.
“Compared to a couple of years ago, we are definitely seeing a slightly more balanced market, as homebuyers now have a much greater supply of inventory to pick from, said RE/MAX agent Todd Luong. “But more importantly, buyers are facing far less competition than before, and bidding wars are no longer the norm.”
DFW’s median home price rose by 1.5 percent to $405,000, consistent with figures from the MetroTex Association of Realtors.
Active housing inventory rose 49.4 percent from the previous year in April. The region had 3.2 months of housing inventory, approaching pre-pandemic levels. About six months of supply is typically considered a balanced market.
The spike in home sales is notable given that mortgage rates aren’t dropping; the average 30-year mortgage is hovering above 7 percent, according to Freddie Mac.
After many would-be buyers and sellers sat on the sidelines in 2023, they’re now “less apt to delay their plans this year,” RE/MAX president Amy Lessinger said.
—Quinn Donoghue
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