The DFW Metroplex reported their October results for the single-family real estate market recently.
Most notably has been the effect recent Fed rate hikes- with likely more to come have had on supply/demand.
While listings increased 86.3% for the month, sales dropped 23%. This sales decrease represents a more modest decline than counties such as Dallas and brings hope for the market despite a volatile environment that has coupled the rate conundrum with stubborn prices due to inflation.
DFW also saw days on market increase by 10 days YOY totaling at 37 days for the month. Look for this statistic to continue rising until prices begin scaling downward.
Lastly, a median sales price of $395,000 or an 11.3% increase YOY shows similar data to what we have seen with recent months. Look for this to begin reversing course in Q1 2023.
For more information, click on my social media widgets!
Talk soon. Eddie.
