Advertisement
This is member-exclusive content
icon/ui/info filled

businessReal Estate

D-FW home listings are up dramatically as buyer demand sinks

Markets that boomed during the pandemic are seeing the strongest recovery in inventory.

The number of homes on the market in Dallas-Fort Worth has skyrocketed over the past few months, meaning potential buyers have many more options to choose from than they did last year — that is, if they haven’t yet been priced out due to higher prices and mortgage rates.

The number of active listings in the metro area reached nearly 15,000 in July, up 81.2% year over year, according to the latest housing market report from Realtor.com. Nationally, home supply rose 30.7% since July 2021, the largest inventory increase on record. Still, there were still 44% fewer listings in the United States than there were in July 2019.

Markets that saw a boom in demand during the pandemic saw the most inventory growth, with Phoenix, Austin and Raleigh, N.C., seeing the most dramatic gains.

Advertisement

“The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy,” said Danielle Hale, chief economist for Realtor.com, in a statement. “Our July data shows elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options.”

D-FW Real Estate News

Get the latest news from Steve Brown and the business staff.

Or with:

Realtor.com economists point to softening buyer demand as the biggest driver of the increase in inventory, rather than a huge influx of sellers, as the number of newly listed homes is actually down nationally from last July.

Advertisement

Local home-showing activity in June dropped 30% over the past year and 16% from May, according to a separate report from ShowingTime, a home-touring technology provider.

D-FW homes are still selling at a fast pace, after 29 days on the market, one day less than they did last July, according to Realtor.com. Many more buyers found they had to lower the prices of their homes to sell this summer, with 27% of local listings seeing price reductions — up 16.8 percentage points from July 2021.

Even with the market cooling down, the median listing price of $475,000 was 20% higher than it was a year ago. D-FW listing prices rose faster than in any other Texas metro.

Advertisement