The previous week in the Dallas SFR real estate market included an astounding median sales price of 455k. This far-exceeds the same period in 2021, which recorded a price of $380,750 on a median basis.
With inflation continuing to boil, this seems to be a continual challenge that the Fed has wrestled with as they announced another 0.75 basis point rate hike last week.
Mortgage rates affected by the Fed's recent decisions have been on center stage recently, surging above 7%.
This has directly affected closings/sales as they plunged over 23% YOY vs 2021 or 154 vs 118 for the previous week.
The domino effect of rate hikes, decreasing buyer sentiment, increased listings/supply have weighed-on days on market. YOY has seen DOM go from 15 to 23 days on a median basis, continuing to show how tables have turned and buyers have more power than they have in years.
Look for more of the same next week and in weeks to come.
For more information, click on my social media widgets!
Talk soon. Eddie.
