Home sales in the Dallas-Fort Worth area increased in volume in November, in contrast to other metro areas in Texas, a recent industry report shows.
Among the Lone Star State’s four major metros, DFW was the only region to see an uptick in November home sales, according to the latest data from Texas A&M University’s Texas Real Estate Research Center (TRERC).
DFW home sales volume rose to 7,363 during the month, a 2.3% increase from the 7,196 reported in October, when the average mortgage rate was 8%.
Despite the strong reading for DFW, Texas as a whole reported a nearly 1% decrease in home sales volume during the month. Overall, Texas home sales volume fell from 26,164 in October to 25,916 in November, marking a 0.9% decrease month-over-month.
For comparison, the Austin-Round Rock metro area dropped 4.4% over the month, while the Houston-The Woodlands-Sugar Land metro area fell 0.2%. The San Antonio-New Braunfels metro decreased by 4.2%, marking the second consecutive month of significant decreases for that region.
According to the report, the gap between Dallas (+2.3%) and Houston (-0.2%) widened in November as sales in the two metros moved in opposite directions. Meanwhile, Austin’s home prices are down significantly from 2022 levels despite remaining well above pre-COVID prices.
Although mortgage rates have softened from the 23-year high in October, they continue to create housing affordability problems for first-time buyers, as reported by The Dallas Express. Due to elevated mortgage rates, Texans must spend a greater percentage of their total income to afford a median-priced home in the state.
Texas’ median home price was $334,600 in November, a 0.1% decrease from the preceding month. In general, Texas home prices continued to hover within the $200,000-$300,000 range and $300,000-$400,000 range, which accounts for 26% and 24% percent of total home sales, respectively.
Click here to view the full report.
