DALLAS — This story originally appeared in the Dallas Business Journal, a WFAA news partner.
Dallas-Fort Worth home prices were down 10% in December from their peak in June.
Year-over-year, though, the median single-family home sales price in DFW is still up 6%, according to the 2022 year-end report from the Texas Real Estate Research Center using data from North Texas Real Estate Information Systems. The median home price in December was $390,000.
In another new report, Dallas-Fort Worth ranks as the 17th most stable housing market among the nation’s 53 largest metro areas.
The Austin metro area ranks fourth most stable, San Antonio-New Braunfels is fifth and the Houston area ranks eighth most stable in the U.S., according to a report from Construction Coverage, a San Diego-based industry research firm.
The report ranked cities by the likelihood of seeing a price drop of greater than 5% price on homes bought between January 2000 and January 2022.
The study found there’s a one in four (24.9%) chance buyers in DFW would have experienced at least a 5% drop following their purchase during that timeframe.
Since the year 2000, the median home price in DFW has increased by 202%, from roughly $130,000 to about $390,000. But between December 2007 and January 2012, the median home price in DFW dropped by $17,234.
A random buyer who purchased in Austin between January 2000 and January 2022 has had a 10.3% chance of experiencing at least a 5% price drop following their purchase. A buyer in San Antonio-New Braunfels has had an 11% chance, and a buyer in Houston has had a 19.4% chance, according to Construction Coverage.
The super-heated pandemic housing market has cooled in DFW and most of the nation, with mortgage rates more than doubling from the historic lows seen in 2021, resulting in slower home sales and lower prices, the Construction Coverage report notes. However, housing markets in some parts of the country are more prone to volatility than others.
Nationwide, Pittsburgh ranked as the most stable big-city housing market in the country, with a zero percent chance of a price drop and only a $3,892 price drop since the year 2000.