As we continue to move through the "busy season" for residential real estate, we get to analyze DFW's results for April '23 in the Housing Market.
Affordability climbed for purchasers across the Metroplex as closing amounts declined 4.3% versus the sizzling market in April 2022. The median closing amount came in at $399,900.
Listings continued to climb, totaling at 16,432 houses last month, reflecting an 84% increase versus last year as purchasers have had far-more opportunities in their "home search."
Nationwide, you will hear about the "scarcity of housing inventory," due to lack of motivation from sellers. This because so many people would prefer to keep their lower mortgage rate versus where they now average- around 7%.
While this is true even in the DFW Metroplex, there is no doubting that inventory far-exceeds last year, creating a more-balanced environment for purchasers and sellers alike.
On the other side, sellers have reduced their closing values by 4.3% as mentioned earlier on a median basis, however when looking back 3-5 years, their equity is still in a lucrative spot.
For more information or questions, click "CONTACT" above.
Talk soon,
Eddie
