The number of new listings in North Texas increased by about 41% from a year ago, according to the report.
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Existing home sales in Dallas-Fort Worth rose more than 14% year-over-year in January, a “significant improvement” from 2023 and could portend a strong spring housing market, according to a new report. It is said that there is.
According to the Re/Max National Housing Report released on February 15th, DFW ranks second in the country with the highest growth in existing home sales. DFW home sales totaled 5,208 units in January, up from 4,560 units in January 2023.
According to Re/Max, only Salt Lake City, Utah, saw a larger increase in existing home sales, at 20% year-over-year. 3rd place is Las Vegas.
The number of new listings in North Texas increased by about 41% from a year ago, according to the report. The supply of new inventory increased by nearly 79% compared to the same period last year.
Across DFW, the average home sold in 55 days in January, one day faster than a year ago.
Mark Wolf, president and owner of Remax DFW Associates, said in a report that DFW home sales are indicative of an “early spring real estate market,” with the region already experiencing a spring market in February. said.
“The market has improved significantly,” he said. “There are more sellers and more buyers…which is a very good thing.”
Wolf added that while things look a little different in Dallas' northern suburbs, home sales are still strong compared to other parts of the country.
“Our market is strong because people are moving to the Dallas area,” he said. “We've had a significant number of people move in from other parts of Texas, California and the United States.”
The surge in home sales also comes as the impact of inflation is starting to ease on consumers who have been burdened with soaring costs over the past few years. The number of new listings is good news for buyers ahead of the typically busy spring, when many sellers decide to list their homes.
Wolf said the housing market could remain strong through 2024 as long as the economy continues on its current trajectory, especially if interest rates fall.
Wolf said that while inflation and rising interest rates slowed the economy in 2023, those factors had less impact on the housing market this year as consumers accepted the reality of higher prices.
Additionally, DFW home sales prices are up just 1.6% from a year ago, reaching a median price of $381,103 in January, according to the report.
Wolf said that in addition to stable prices, a significant number of homes are once again selling for above list price.
Construction of new homes across North Texas cities has declined significantly as high mortgage rates continue to impact the market. But in fast-growing Celina, permits to build single-family homes jumped 52% in 2023. Home building permits also jumped by 47% in McKinney and 64% in Princeton in Collin County.
