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Sales prices have rebounded slightly month over month in certain areas of North Texas.
According to the most recent reports out by the North Texas Real Estate Information System (NTREIS), Dallas County home prices were up a whopping 16.2% year over year and then Rockwall and Kaufman Counties saw a slight uptick this month – even though they remain down year over year, while Hunt County prices decreased slightly since last month.
Average sales prices in Rockwall County are down 6.7% year over year, compared to last month when prices were down 13.1% since 2022. In Kaufman County, prices dropped 3% since this same time in 2022. But they were down by 12.1% last month, so prices did come up slightly. Then in Hunt County, prices were down 7.6% in August 2023, compared to July 2023 when they were actually up by 4%.
This just goes to show, prices are continuing to bounce up and down throughout the metroplex amidst this interesting environment where you have interest rates that have skyrocketed in the past year, yet an inventory of homes for sale that has remained so low that even the interest rates haven’t caused prices to fall out of the bottom yet.
The Rockwall County average sales price actually increased by nearly $25,000 from July to August. In Kaufman County, prices increased by $9,000 on average. In Dallas County, home prices increased by $22,000 since last month. Then in Hunt County, average sales price fell some, from $336,000 in July to $327,000 in August 2023.
Price per square foot (PPSF) is up year over year in Dallas County by 3% at $237 on average. In Rockwall County, it’s at $193, down 7.7% from this time last year. In Hunt County, PPSF is down to $170, a decline of 7.6% from 2022 — and in Kaufman County, the average price per square foot is at $176, falling 6.4% from this time last year.
Average days on market is up all across the board by around 75% from this time last year.
Currently, houses are sitting for 29 days in Dallas County, 69 days in Rockwall County, 51 days in Hunt County and 56 days in Kaufman County.
Sellers are getting on average, about 94-95% of their asking price across the North Texas area right now.Â
But this number is down an average of 2% compared to this time last year, when sellers were getting closer to 97% of their asking price. Â
Months supply is up across the region right now. It’s at 2.5 months in Dallas County, 3.6 months in Rockwall County, 4.2 months in Hunt County, and up to 4.1 months in Kaufman County.
Certain areas of the market, such as Dallas and Rockwall, are still in seller’s markets. But, Hunt and Kaufman are moving towards a more balanced market in general, which is that 4 to 6 months inventory mark.
What keeps pricing from correcting even further than it is right now is this particular statistic – the number of new listings. As long as inventory remains super low, and demand remains high with new people moving to the area every day, prices are going to bounce around or hold and stay semi-steady – even in this much higher interest rate environment.
The number of new listings is still very compressed compared to a normalized market.
While listings are up year over year in most areas of the metroplex, that’s compared to a time when the number of new listings was already unbelievably low.
Last month, listings were up 13% in Rockwall County, 8.8% in Kaufman County, and up 6.1% in Hunt County. This month, new listings are actually down 1.7% in Dallas County, down 13.5% in Rockwall County year over year, and down 1.1% in Hunt County. Kaufman County shows an increase of 6.7% in inventory compared to this time last year.
Closed sales are down again this month by an average of 10 to 15% year over year.
Sales were also down this time last year, which makes this continued decline even more proof that residential real estate is still in a complex, recessionary environment in terms of number of transactions taking place.
Closed sales were down nearly 20% in Dallas County last month, down 7.5% in Rockwall County and 18.3% in Hunt County, as well as down 12% in Kaufman County.
To summarize what we are seeing and expecting, the consumer is still hesitant to make a move with higher interest rates, considering that 70% of homeowners have an interest rate of 4% or lower.
We expect to see prices make more corrections into the year because homeowners that are wanting to make a move will have to lower the price of their home to get it sold so they can make the move they are desiring.
The good news is that if you are looking to sell your home, you can get it sold… Because there is strong demand at market prices — so much so, that we occasionally see multiple offers when a home is priced right for a buyer in this environment.
This is the difference from what we saw in 2009-2010 when there was no buyer demand.
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