As the summer temperatures heat up, typically, so does the housing market. The summer real estate market is traditionally faster and higher-priced than winter markets. In the Dallas/Fort Worth Metroplex, we have seen almost 10,000 more homes for sale than last June, and the most since the summer of 2019, when mortgage interest rates were historically low. According to NTREIS (the North Texas Real Estate Information Systems), inventory is on the rise, but closed sales are on the decline. Currently, there are about 4 ½ months of housing inventory on the market. The “months’ supply” measures how many months it would take to sell all the homes listed on the current market if there are no new listings or changes in any current sales prices. As of June, approx. 10,000 properties sold/closed, which was down 13% from the previous June. In short, there are more homes on the market than active buyers, so buyers can afford (no pun intended) to be a bit pickier and take their time.

The good news is that according to Freddie Mac, the Federal Home Loan Mortgage Corporation, mortgage rates continue to fall, and the 30-year fixed rate mortgage fell to its lowest level since mid-March. Rates have fallen to approx. 6.78% as of July 25^th. The general consensus is that rates will continue to drop, but nothing is guaranteed in an election year. Mortgage rates are continuing to head in the right direction and the economy remains strong - two positive signs that the housing market is in good shape as we head into the remainder of 2024. As rates drop, more buyers will undoubtedly return the housing market and continue shopping.

If I had to sum this market report up in one word, it would be “opportunity”. There are plenty of opportunities for home buyers looking across the DFW Metroplex. Now that the Buyer/Tenant Representation Agreements are now more important than ever, who you work with matters. If you (or someone you know) has any questions about the real estate market, needs a deeper dive into a specific county or community in the DFW Metroplex or just wants to know where we are all headed, give me a shout!