Home prices in Dallas-Fort Worth fell for the first time in a decade after years of steady growth and an unprecedented post-pandemic surge.
Home prices in the region fell 1.2% year-over-year in March, DFW’s first decline since February 2012, Dallas Morning News According to reports, A study citing the S&P Corelogic Case-Shiller Index.
Home prices in March were down 7.5 percent from last June, when the housing market was at its peak. However, S&P managing director Craig Lazzara told the media that prices rose slightly from February to March, which may indicate that the steady decline in prices since last summer is over.
The S&P research measured a three-month moving average, which compares property sales prices over time. While it lags current market conditions by several months, the index is considered more accurate than agents’ home sales data, which can be influenced by the specific properties sold each month, the outlet said.
The median price of a single-family home in DFW fell 5% year over year in April to $404,450, according to the National Association of Realtors. Additionally, last month’s 7,429 transactions were down 8 percent from a year earlier. High interest rates, low inventories and recession fears were a big reason for the drop in sales activity.
While prices are currently relatively low, low inventories are likely to drive prices back up as potential buyers offer beyond initial asking prices.
“As inventory continues to be a challenge in this market, stubbornly high prices will also impact affordability, and prices won’t be rising significantly anytime soon,” Nicole Bachaud, a senior economist at Zillow, told the outlet.
The extent of the market may become clearer later this summer, when homebuying typically takes off. However, many would-be sellers and buyers are likely to sit on the sidelines until interest rates drop and market conditions recover.
— Quinn Donoghue
