Less than 1% of North Texas properties that traded were distressed sales.
North Texas homeowners are still making a haul when they sell.
Dallas-Fort Worth homeowners who sold their properties last year made a $112,527 gross profit on a typical sale. That’s down from what they cleared in 2022. But the estimated DFW seller profit last year was more than four times what it was in 2013.
The typical seller had owned a property an average of almost seven years before making the trade, according to a year-end study by Attom Data Solutions.
Nationwide, sellers had a typical profit of $121,000 in 2023.
“Last year certainly stood out as another very good year for home sellers across most of the United States,” Attom CEO Rob Barber said in a statement. “But the market definitely softened amid modest price gains that weren’t enough to push profits up higher after a long run of improvements.”
The biggest home seller profits were in markets with the highest prices. In San Jose, Calif., the typical home sale brought a gross profit of almost $700,000 last year, according to Attom. San Francisco was second with a $476,000 average home seller gain.
“In 2024, the stage seems set for more small changes in prices as well as seller gains given the competing forces of interest rates that have headed back down in recent months and home supplies that remain tight, but home ownership costs that remain a serious financial burden for many households,” Barber said.
DFW home prices were up a scant 1% in 2023 to $380,000, according to Attom. But area home costs were more than 48% higher from five years earlier.
Home prices nationwide rose at the smallest pace since 2011.
“The full-year median home-price appreciation slowed down as interest rates rose in 2023 close to 8% for a 30-year mortgage,” Attom analysts wrote in the year-end report.
The greatest median price increases in major metro areas in 2023 were in Miami (up 8.6%) and Cincinnati (up 8.1%).
Austin led in declines with a 6.2% year-over-year drop in median home sales prices. San Francisco had the second biggest price drop of the year with median prices down 4.1%, according to Attom.
Sales of U.S. homes to lenders through foreclosure accounted for only 1.5% of nationwide residential transactions in 2023.
In DFW, less than 1% of home transactions were distressed sales.
While investors last year gobbled up more than a quarter of the houses that changed hands, fewer of those purchases were by big institutional buyers. Attom estimates that only about 10% of DFW investor purchases last year were by big institutions.
Source: Dallas Morning News