The North Texas Housing Market Is Downdfwnewsa | September 29, 2022 | 0 | Collin County
A new Zillow report shows an ongoing downward shift in the housing market. The decrease might make it easier for future homeowners to find a home, but more difficult for sellers trying to move.
AXIOS Dallas reported that real estate agents believe the shift is a attributed to a combination of higher prices since the pandemic and an increase in interest rates over the past several years. Many homes for sale in North Texas are spending more time without offers and having to take a price-cut. The Zillow report shows that the average listing now takes 16 days to go pending, up from 10 days at this time last year.
But recent volatility in mortgage rates makes it difficult for borrowers to qualify for any loans. “Substantial week-to-week rate movements mean that many potential buyers are able to qualify for a loan one week, but not the next, or vice versa,” Zillow explained.
The report also shows that the average home prices fell for the second month straight in August and are down 2.5% from June. According to the Dallas Morning News, home prices in Collin County have dropped the most, but the median home price was still at a high $540,000, which is the most expensive in North Texas.
The decrease in home values is not a good thing for those looking to sell, but it does mean there are more opportunities for prospective home buyers. However, for renters, prices still continue to climb. The Zillow report showed that rent is up 13.5% since August of last year and the average rent is around $1,882.
Whether you are a seller, buyer or just browsing your options, the housing market is down and may remain that way for some time. Zillow has not yet said when the study for September will yet be released.