DFW home prices rose at a slower pace due to buyer activity slowing down across the US, in part, due to the rapid price appreciation and higher interest rates that buyers had grown accustomed to.
The region’s home prices were up 28.2% compared with a year prior
Craig Lazzara, managing director at S&P, said in a statement that the pace of price growth could slow further as the Federal Reserve ratchets up interest rates and makes mortgage financing more expensive. CoreLogic economists also expect home prices to slow, but not decline, in most markets over the next year.
It is important to keep in mind that deceleration and decline are two entirely different things. Prices are still rising at an impressive speed.
With a smaller pool of interested buyers, more sellers are finding that they have to lower the price of their home below what they originally expected. About 45% of homes on the market in July saw price reductions! This is why it is SO important to list your home correctly from day 1.
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.