Dallas County Median Home prices decreased by $4,000, up 3.2% from January of 2022.
The average days on market is now 80 compared to last month’s 70, overall 10 days more than January of 2022.
Tarrant County Median Home prices decreased by $12,410, up 2.6% from January of 2022.
The average days on market is now 89 compared to last month’s 66, overall 23 days more than January of 2022.
Collin County Median Home prices increased by $18,505, up 9.8% from January of 2022.
The average days on market is now 102, compared to last month’s 69, overall 33 days more than January of 2022.
There has been a slight uptick in mortgage rates, but costs remain low.
Mortgage Rates in the 6% range are helping to bring buyers back for the Spring buyer and seller housing market.
Mortgage rates ticked up slightly this week, but they continue to remain well below their November 2022 peak, which eclipsed 7%. The 30-year fixed-rate mortgage averaged 6.12% this week, according to Freddie Mac. Lower rates in the 6% range since the beginning of the year are helping to bring costs down for potential buyers.
Many renters are now paying about the same amount in rent as they would for a monthly mortgage if they owned a $300,000 home, says Nadia Evangelou, senior economist and director of real estate research for the National Association of REALTORS®.
Aspiring home buyers may also see further easing in mortgage rates over the next few weeks. “With inflation easing rates, rates will likely resume their downward trek soon,” Evangelou says. Home price growth is slowing down in many markets, too.
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.
