Dallas-Fort Worth Real estate Update December 20

Each week we condense market data and highlights from the news into an easily understandable blog post.

It's quick and Incredibly Informative with no fluff.

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Interest Rates
Rates are currently the same as last week at 3.73% with .7% in fees and points. According to Freddie Mac, the economy is in a “Sweet Spot.”
http://www.freddiemac.com/pmms/

Mortgage Applications
Applications decreased 5% from one week earlier. Even though applications were down compared to the week before, they’re 10% higher than the same week one year ago.
https://www.mba.org/2019-press-releases/december/mortgage-applications-decrease-in-latest-mba-weekly-survey-x261714
 
 
DFW Market News
The numbers from November are in. When we compare this year-to-date data on single family homes to last year’s we get the following changes:

• The number of sales are up 2%
• The average price is up 2% to $316,972
• The days on market is up 13% and is now at an average of 51 days. (Still less than two months. Remember, six months is considered to be a balanced market).
• The number of active listings is up 10%.

 
The hottest areas are pretty close to where they were last month:
#5 – Bedford
#4 – Grand Prairie (area 271)
#3 – Dallas Southeast
#2 – Arlington Central SE
#1 – Arlington Central NE
The inventory in these areas are six weeks or less. Meaning if no new listings came on the market, it would take about six weeks to sell all homes for sale given the current demand.
http://www.mymetrotex.com/wp-content/uploads/2019/12/NTREIS201911.pdf
 
 
The Takeaway
We’re closing on the end of the year and things are steady. Sellers still have the market, especially for anything in an affordable, more average price-point.