North Texas home sales fell 7% in March, but prices rose slightly from 2023 levels.
Data from Texas A&M University's Texas Real Estate Research Center, North Texas Real Estate Information Service and Metrotex Association of Realtors shows 8,020 homes sold. in the area last month.
The year-over-year decline follows an almost 9% decline in home purchases in the area for all of 2023. The situation seemed to be picking up in January, with sales increasing by 12.5%, but February saw a slight decline of 1.1%.
The median single-family home price in the Dallas-Fort Worth Metroplex in March was $395,000, an increase of 1.3% from March 2023.
“Housing affordability remains a challenge for the existing housing market,” said Ted Wilson, president of Dallas-based Residential Strategies. Sales of used homes are slowing down. ”
The number of active listings was 22,449, an increase of 34.8% from March last year. From listing to closing, homes stayed on the market for an average of 84 days, eight days less than in March 2023. According to the data, there were three months of inventory on the market in March, up from 2.1 months a year ago. .
Rockwall County had the largest decline in sales, with a 25.5% decline. Only 208 transactions were completed in the county in March.
Kaufman saw a 2.5% increase compared to March 2023, while sales declined in most counties. In Dallas County, annual sales were down 5.1%.
According to the data, home prices rose 7.5% in Dallas County, while they fell 1.3% in Kaufman County.
Jim Fitt, president and CEO of Century 21 Judge Fitt (Dallas), one of the area's major residential real estate companies, said, “Although sales are down, average sales prices remain strong. ” he said. “Some buyers are waiting and thinking prices will go down.”
