The DFW Housing Market continued to rise in May 2024 with a 1.2% increase on the median amount at $410,000.
While this increase is more modest than we've seen in recent years during peak season, it still continues to apply pressure to purchasers looking for their home while lending rates are inflated.
It's worth noting that we have seen improvement with the averages for mortgage rates-- a statistic that links closely with the 10-Year Treasury Yield.
With listings increasing across DFW an astounding 51.4% vs May 2023, inventory continues to grow-- at a current tick of 3.5 months.
This measure clearly indicates a frothy market-- while lending rates might keep the current market from being considered a "buyer's market," it's clear that pressure is on sellers and their listing amounts as they compete against far-more listings than in recent past.
Lastly, 44 days on the market for May was 1-day less than 2023 and a 2.2% decline-- this also is a metric that is allowing purchasers more time as they sift through inventory and find the home that best-suits them from both a location and financial standpoint.
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Talk soon. Eddie
