We have seen home sales fall dramatically YOY throughout DFW and specifically Dallas, Coppell and Lewisville this week.
With this normally prices will cool, though with inflation continuing to surge throughout our economy, housing prices have continued to surge in these parts of DFW despite days on market increasing and sales dipping.
Looking at the previous 7 days in Irving, TX in comparison to the same period last year, encouraging results were seen in the analysis.
While 2021 saw a median stat-line that included 24 closings, $185.61/sqft, $395,500 and 13 days on the market, this week, Irving has cooled off.
16 closings, representing a 34% decrease YOY led the way for a median stat-line that includes $182.68/sqft, $337,500 and 12 days on the market.
Analyzing these stats, there is much to be optimistic about. Though conventional wisdom says that sales declining is never good, with surging mortgage rates, its expected.
Seeing $/sqft decrease YOY and days on market hold strong at 12 days shows that sellers are adjusting their strategy and adapting to our current market.
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Talk soon. Eddie.
