DFW

Denton County Home Sales Hit 11-Year Low

Denton County home sales slid to an 11-year low in June. Closed sales continued to stagnate with mortgage rates still hovering near seven percent. Home prices were near all-time highs. The confusing mix of housing unaffordability pushed more more buyers to the sidelines. Closings were 14 percent lower year-over year. Average home prices in Denton County moved up 4.1 percent to $589,000 in June. Pending contracts slid 13 percent year-over-year in June. With sluggish sales, available home inventory perked up significantly last month. Months of supply in Denton County shot up 36 percent from a [...]

Rise In Inventory Boosts Home Sales

More home inventory helped push North Texas home sales into positive territory in April. North Texas saw a 5.5 percent increase in home sales compared to last year while Denton County experienced a 7.3 percent bump in closed transactions. The additional transaction activity was fueled by a 37 percent rise in available home inventory compared to last year. Inventory has been growing steadily for most of the year as 7 percent interest rates and a slowing economy worked to curtail demand in the housing market. Denton County now has 2.7 months of available home inventory. [...]

Home Sellers Can Say Goodbye to Six Percent Commissions

Home sellers can finally say goodbye to inflated six percent commissions. The big news in the real estate market this month wasn't the stagnant sales or home prices. The bombshell news for the housing market is NAR's $418 million settlement proposal to settle litigation over industry commissions. Stagnant Housing Market Continues The North Texas housing market continued to stagnate in February. Denton County experienced a 10 percent decline in closed sales for the month compared to last year. Pending sales were four percent lower. The median and average price per square foot of a Denton [...]

Denton County “Home” Prices Finish 2023 Right Where They Started

Denton County home prices finished out the year right where they started. A strong start to 2023 saw prices and sales activity continue to move higher into the summer. That's when the Denton County housing market essentially stalled out. A subsequent rise in mortgage rates to the eight percent mark brought a double-dip in the market and another round of softness. The Yellen pump and the Powell pivot helped to lower rates slightly over the last two months of the year and prevent the market from sliding further. The official stats for Denton County in [...]

Denton County Housing Market Searching For a Soft Landing

Denton County's housing market was still searching for that soft landing in November. Home sales were down 2 percent year-over-year. Pending sales fell by nine percent. Median home prices were steady at $450,000. Ironically enough that's exactly where prices stood in November of last year. Average prices slid for the fourth consecutive month, putting them down 1 percent lower than last year. The average price of a Denton County home is $68,000 (eleven percent) lower than the bubble peak of last spring. The North Texas housing market is currently caught between The Federal Reserve's need [...]

North Texas Housing Market Stalls with Eight Percent Rates

The North Texas housing market continued to cool with mortgage rates rising to eight percent in October. Closed sales in Denton County fell 9 percent from a year ago. Pending contracts slid 2 percent. Inventory remained steady at 2.5 months of supply. Percent of list and days on market were relatively unchanged. Median home prices in Denton County slid to $450,000 in October, down 1.3% from a year ago. Average prices cooled as well, sliding to $538,063. Prices have cooled for 3 months in a row. It's not just normal seasonality at play. Higher mortgage [...]

Denton County Real Estate Market Running Out of Steam

Denton County's real estate market was running out of steam in September. New cycle highs for mortgage rates and more typical seasonality took a bite out of demand. Sales volume dropped 9 percent compared to the same month a year ago. Pending contract activity fell by a similar amount. Median and average home prices are now lower than where they stood in April. Median prices are still $40,000 lower than where they topped out in the frenzy of 2022. New home builders continued to pull in an outsized portion of sales in September. They are [...]

New Highs For Mortgage Rates Curb Denton County’s Real Estate Market

Denton County's real estate market ran into significant hurdles in August. Mortgage interest rates for prospective buyers reached a new high for the cycle. That took a bite out of sales activity as the summer winded down. Closed sales in Denton County fell ten percent form the same time last year. Forward-looking contract activity slid 5 percent. Median and average home prices also cooled for second consecutive month. One thing that didn't cool in August was the incentives and mortgage-rate buydowns offered by new home builders. New home builders are agnostic sellers. They do what [...]

Denton County House Payments Hit Record Highs

Denton County house payments hit record highs in July. Prospective home buyers continued to get pinched by higher mortgage rates and the rebound in North Texas home prices through the first half of the year. As mortgage rates mushroomed back toward 7 percent, area house payments have soared for buyers using a market rate mortgage. Median home prices came in at $475,000 for the month of July. The median house payment for Denton County buyers factoring in the rise in interest rates translates to a principal and interest payment of over $2500 per month. That's [...]

Denton County Real Estate Market Appears to Be Stalling Out

Is the real estate market rebound stalling out? Denton County home prices edged higher again in June. The median price of home rose to $479,000, down 1.2% from the same time last year. Average prices in Denton County came in at $568,837. That was down 1.1 percent year-over-year. Average prices are still $20,000 shy of the spring 2022 bubble peak. Judging from the recent uptick in inventory levels and the typical seasonality of prices, it appears North Texas home prices will have to wait another year or more before we see those lofty levels again. [...]

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