DALLAS — Read this story and more business news from our partners at the Dallas Business Journal
Dallas-Fort Worth leads the U.S. for the largest percentage increase in the median home sale price, soaring almost 30% over last year.
The median DFW home sales price rose to $426,000 in June from $329,500 in June 2021 — a jump of 29.3%. The next highest increase nationwide was in Tampa, Fla., up 27.9% to a median sales price of $385,000, according to the latest Re/Max National Housing Report, released today (Monday).
And, for the second straight month, the DFW housing market posted the largest increase nationally in the close-to-list price ratio.
The June 2022 close-to-list ratio in DFW clocked in at 103% compared to 98.2% in June 2021 — a 4.8% year-over-year percentage change.
The close-to-list ratio is the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price; if it's less than 100%, the home sold for less than the list price.
Mark Wolfe, broker/owner of Re/Max Town & Country, called the DFW market “absolutely unreal.”
“We have increased housing inventory, interest rates are up, and the market is slowing (with fewer showings per listing), yet the prices continue to increase with buyers still offering over list price,” he said. “We do see changes, but the 'I must pay over list' is still part of the buyer mindset right now."
Although the median sales price in DFW is sharply higher than a year ago, it’s down by $4,000, or 0.9%, from the $430,000 median in May.
The median listing price dropped a bit, too, from $445,000 in May to $443,691 in June.
The number of new listings put on the market in DFW rose 11.1%, from 12,748 homes in May to 14,162 in June.
The number of home sales rose 0.6%, from 9,605 in May to 9,666 in June. Home sales were down 11.8% on a year-over-year basis, from 10,960 in June 2021, according to the Re/Max report.
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Another recent market update, this one by Rockwall-based M&D Real Estate, breaks down North Dallas-area home sales and pricing trends on a county-by-county basis.
Average home prices in June were up 28% year-over-year in Collin County, 26% in Rockwall County, 25% in Kaufman County and 15% in Dallas County. The increases put average home prices at roughly $650,000 in Collin County, $550,000 in Dallas and Rockwall counties, and $400,000 in Kaufman County, according to M&D’s market analysis.
Average prices can vary significantly from median prices. The median sales price for June in Collin County, for example, was $575,000, according to MetroTex Association of Realtors.
Real estate agents are seeing signs of a market cooldown, including open houses with fewer attendees, a slowing pace of offers coming in, and a growing inventory of homes for sale, Danny Perez, owner and CEO of M&D Real Estate, said in the July 14 report.
Perez isn’t predicting a "correction" or downturn in pricing, but he does believe a return to single-digit price appreciation lies ahead. It’s still a strong seller’s market, but a definite shift in the market is occurring, he said.
“Price appreciation has not changed to date because inventory is just now coming in, and we are right in the middle of that shift on the sales that have actually sold,” Perez said. “So the pause has to happen for a little while, which means the seller has to have their homes sit on the market for a while. Then, what happens next is the seller has to start coming down to meet the buyer’s expectations.”