The previous two blogs, we have reviewed Dallas and Denton County along with how their December results compared to the same period in 2021.
Today we look at DFW as a whole, broadening our analysis beyond specific counties and instead, grasping the entire metroplex in a streamlined fashion.
Looking at December 2022, DFW commanded a median closing amount of $385,000- an increase of 6.1% vs. December 2021. This while mortgage rates have increased rapidly towards the end of 2022.
The goal of the Federal Reserve has been to tame inflation by raising borrower rates. Affected indirectly is the housing market, where the hope is that while mortgage affordability has decreased, we will continue to see housing amounts decline in 2023, countering mortgage offerings.
Specifically here with DFW, to see a year over year increase is not a positive, however housing inflation is beginning to cool and hopefully we will see our first YOY declines in housing amounts by mid-2023.
While sellers do not want this to happen, it's imperative to balance the market with mortgage rates and find more affordability for purchasers. This is achieved mainly by tapering closing amounts.
Other results in DFW for December '22 included an influx of 17,778 listings or +147.5% YOY. There is more inventory than there has been in years for DFW, allowing purchasers throughout the metroplex with the luxury to truly locate the home that they LOVE for location, style, layout and offer amount.
This being a far-contrast from last year, when purchasers were in many cases forced to pick quickly between homes with the fear of being outbid due to multiple offers on each property.
Days on Market increased to 53 days versus 32 in 2021 while months/inventory came in at 2.2 months gauging supply/demand. For perspective, December '21 resulted in .8 months inventory!
For more information, checkout my social media!
Talk soon. Eddie.
