Quick Facts

In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% – 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).

New Listings were up in the North Texas region 2.8 percent to 9,783. Pending Sales decreased 3.5 percent to 8,544. Inventory grew 96.7 percent to 22,317 units. Prices moved higher as Median Sales

Price was up 1.7 percent to $360,990. Days on Market increased 110.7 percent to 59. Months Supply of Inventory was up 130.0 percent to 2.3 months., indicating that supply increased relative to demand.

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.

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*All data is provided by North Texas Real Estate Information Systems, Inc. and is current as of January 10th, 2022