Some would-be-homebuyers shied away from the North Texas housing market in June, resulting in a 30% decline in home showings.

Even though they remain above pre-pandemic levels, DFW’s decline in home showings in June ’22 compared to June ’21 was 11.3% greater than the national average rate, according to a ShowingTime report.

“Most markets are experiencing a slowdown in buyer activity, especially compared to the historically high traffic seen last year,” said ShowingTime Vice President and General Manager Michael Lane.

The dip in buyer activity suggests a “re-balancing of an overheated market” from improved inventory and less competition among home buyers rather than the end of “home shopping season,” he said.

As previously reported by The Dallas Express, the gap between the median annual salary and the median home price is widening, causing homeownership to fall further out of reach for many Americans. In Dallas County, data from the second quarter shows that wages increased 5.3% over the previous year, but home prices increased by 19.8%.

The sudden slowdown in home-showing activity is growing evidence that high mortgage rates and rising inflation are negatively impacting budget-conscious Americans, CNBC reported.

While the DFW housing market shows signs of a cooldown, North Texas ranked 12th nationally for its 9.2 tours per home compared to the national average of 5.6 per home.

Mark Wolfe, the owner of Re/Max DFW Associates, believes buyer interest in North Texas homes has been “absolutely unreal,” as he told the Dallas Business Journal.

“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,” said Wolfe

The median price for a single-family home in DFW reached as high as $425,000 this year.