Dallas County got more affordable for prospective home purchasers in May 2023.
When looking at results from the Dallas County Housing Report, cities such as Irving, Coppell and Dallas saw the median closing amount decline 6.3% or $370,000.
This reported just before the Federal Reserve chose to not increase borrowing rates in June, though rate increases are likely heading into the remainder of the year.
While listings increased 28.9% to 3,350 single-family houses on the market, sales declined 5.5% vs the same period in 2022. This has been echoed several times so far this year- it's important to understand that while a 5% decline in closings is significant, borrowing rates have continued to surge versus 2022, applying pressure on sellers and purchasers alike.
This challenge has kept sellers honest with their listing amounts and exposed those that have failed to rely on data.
On the other hand, increased borrowing rates have continued to push some purchasers out of the market, though seeing a decline of 6.3% in the median closing amount is certainly breeding optimism for purchasers continuing their search through the summer.
Regardless of how you look at it, it's clear that inflation has improved and we are seeing this locally in the housing market!
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Talk soon. Eddie.
