Housing Report - March 2023
Market Activity Rebounding
In March we saw the market start to rebound. This is due to a easing of interest rates (although they are still quite volatile) along with public acceptance that this is the new (return?) to normal. After a year on the sidelines, many buyers are deciding that they just need to accept the rates that are available. Some people cannot hold off forever. As of this writing, rates are hovering around 6.5% down from a peak of around 7.25% last fall.
After bottoming out in January, home sales raised steadily in both February and March. Dallas County and Tarrant County both saw fewer sales compared to a year ago while Denton County and Collin County are both up. New listings saw a flight decrease from January to February before seeing a sharp increase in March. Inventory overall is staying pretty steady while being significantly higher than a year ago. Days on Market dropped drastically in March although it is still significantly higher than a year ago.
Pricing stayed flat in Dallas and Tarrant Counties while it rose slightly in Collin and Denton. Still down a bit from a year ago. This closely mirrors price per square foot. Be prepared to pay around $200 a foot for a home these days. List price to sales price increased. Sellers aren't reducing their pricing like they were a few months ago. While there will always be exceptions, most sellers are getting close to list price. We are seeing more and more multiple offers again, but without the excessive $50-100k above list price of 2021 and early 2022.
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