We are almost to August and haven't been able to recap June 2023 in the DFW Housing Market!
June saw closings decline 4.8% versus June '22 while the median amount also reduced 3.8% to 410,000.
These two metrics being key features of a market wrestling with increased borrowing rates and a Federal Reserve working to cool inflation.
The good news, is with the median closing amount coming down, we are continuing to see pressure on sellers to reduce their listing amounts where necessary to increase affordability for purchasers across The Metroplex.
We see in the 4.8% decline of closings how increased rates and sparse inventory have created a reduction in closings versus the sizzling market of Summer 2022.
With listings increasing 17.3% YOY and Days on Market surging 178% to 41 days, it's clear that while affordability can be challenging for purchasers in the current market, the term "Buyer's Market" should continue to increase through the end of 2023.
Make no mistake though- the declines we have seen have been modest in terms of closings and median amounts. DFW continues to be one of the hottest and resilient markets in the country amidst historical volatility in the market.
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Talk soon. Eddie.
