North Texas Home Sales Fell 7% in March

Homes in the Dallas-Fort Worth Metroplex had a median price of $395,000 in March, up 1.3% from the previous year.

North Texas home sales fell by 7% in March while prices were slightly up from 2023 levels.

Data from the Texas Real Estate Research Center at Texas A&M University, North Texas Real Estate Information Services and the MetroTex Association of REALTORS® shows that 8,020 homes were sold in the area last month.

The year-over-year drop comes after an almost 9% decline in area home purchases during all of 2023. Things seemed to bounce back in January as sales jumped 12.5%, but February saw a small drop of 1.1%.

The median price of homes in the Dallas-Fort Worth Metroplex was $395,000 in March — up 1.3% from March 2023.

“Housing affordability continues to be a challenging factor for the existing home market,” said Ted Wilson, principal at Dallas-based Residential Strategies, Inc. “With the 30-year mortgage rate edging higher toward 7% and apparent weakening of employment growth, existing home sales have slowed.”

There were 22,449 active listings, up 34.8% from last March. From listing to close, homes stayed on the market an average of 84 days, eight days less than they did in March 2023. There were three months of inventory on the market in March, up from 2.1 months the prior year, according to the data.

Sales dropped the most in Rockwall County which saw a 25.5% decline. Only 208 transactions were closed in the county in March.

While sales fell in most counties, Kaufman saw a 2.5% increase compared to March 2023. Dallas County saw a 5.1% drop in annual sales.

Home prices were up in Dallas County 7.5%, while prices declined 1.3% in Kaufman County, according to the data.

“Although sales are down, average sales prices are remaining good,” said Jim Fite, president and CEO of Century 21 Judge Fite Co. in Dallas, one of the region’s larger residential real estate firms. “Some buyers have been sitting on the fence thinking that prices would drop.”

Source: Dallas Morning News