DFW remained resilient last month in the housing market.
Despite a challenging situation created by sparse inventory and historically-high mortgage rates, closings declined just 13.5% vs. September 2022.
A bright spot in the report was seeing the median closing amount decline 1.2% to $395,000. This being a lever for boosting affordability for purchasers that have been on the sidelines due to a clash between mortgage rates and stubborn listing amounts.
Days on market ticked up to 44 days- an increase of 9 days YOY, creating opportunity for purchasers to acquire properties that have been on the market for 30+ days at a discount in some cases.
Lastly, it seems clear that the remaining of 2023 will remain somewhat of a deadlock in the DFW Housing Market. If your home is listed correctly, there is still significant demand across The Metroplex.
On the other hand, if you are reaching for 2022's listing amount, you might be disappointed.
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Talk soon. Eddie.
