Dallas-Fort Worth home sales were down 22% in October from a year before, marking the first decline of more than 20% since around May 2020, after the start of...
About 6,600 homes sold in Dallas-Fort Worth in October, a 22% year-over year decline.Dallas-Fort Worth home sales were down 22% last month from a year before, marking the first decline of more than 20% since around May 2020, when the start of the COVID-19 pandemic stalled buying and selling activity.
The region’s median home price has declined over the last few months from a peak of $435,000 in May and June. In October, the median was $400,000, still up 11% from a year before. Gaines said the market is returning to normal after record-low mortgage rates of the past few years led to a surge in buying and selling activity. The Federal Reserve essentially took its foot off the gas by raising interest rates, Gaines said.In October, the average rate for a 30-year home loanfor the first time in two decades, making monthly payments cost hundreds of dollars more than they did just a year before, when rates were at about 3%. This has sidelined many potential buyers.
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