Last week we discussed how Dallas County experienced big news in the housing market.
Month over month, Dallas County saw a $27,000 decrease in the median closing amount, increasing affordability for purchasers.
This week we analyze how those results from December 2022, compare to the same period in 2021.
For December, Dallas County saw the median closing amount come in at $329,00, reflecting a 1.6% increase year over year. While this might seem like a modest increase, considering that mortgage rates were around HALF of what they are today, affordability is definitely more constrained than last year. The good news however, is that we are beginning to see the median closing amount cool, as mentioned last week and hopefully will continue into Q2 2023.
Days on Market increased to 41 days in December, up 9 days from 2021. This to be expected with an influx of 3,330 listings representing a 74.9% increase vs 2021. Inventory is definitely less of a challenge than it was this time last year.
The figure that represents supply/demand is Months Inventory. 2021 brought an astounding .8 months inventory (that's less than a month) creating the crazy demand we saw during the period. Fast-forward to the current market and we are at 1.7 months- still a healthy climate.
Purchasers are beginning to gain momentum from sellers and should be more even in 2023. Look for a busy spring!
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Talk soon. Eddie.
