Dallas-Fort Worth Real Estate Update January 17, 2020

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.

Want to listen to this update instead?  Click below to visit our podcast page.

Interest Rates
While interest rates did go up one basis point this week, they’re still holding relatively steady and are at 3.65% with .7% in fees and points for a thirty-year fixed rate mortgage.

Mortgage Applications
In the latest Mortgage Bankers Association weekly survey, mortgage applications increased 30.2% from one week earlier on a seasonally adjusted basis. It was a strong start to the year for the mortgage industry. In fact, it was 8% higher than the same time a year ago. Refinances were also way up by 43%.

National Market News
The National Association of Home Builders released the Wells Fargo Housing Market Index yesterday. This index measures builder sentiment of current single-family sales conditions and expectations for the next six months as “good,” “fair,” or “poor.” A number over 50 means more builders view conditions as good. This month’s index is at 75, which is one point lower than last month. However, these last two months are the highest sentiment levels since July 1999.
 
Other metrics from this index are:

• The traffic of prospective buyers. It went up one point to 58, which is the highest level since 2017.
• The current sales conditions. It fell three points to 81.
• Sales expectations for the next six months stayed at 76.

 
What’s fueling this positive wave of the industry? It’s interest rates, the steady rise in single-family construction, a healthy labor market, and the need for additional inventory.

Local Market News

Locally, December numbers are in. When we look at how 2019 compared to 2018, here’s what we get for single-family home sales:

• There were 3% more sales in 2019 with a total of 108,489 sales.
• The average sales price increased 2% to $317,773.
• The average days on market increased 13% to 52 days.​

There are a few places that ended the year with less than one month of inventory available. The availability is tight in:

• Bedford
• Grand Prairie (MLS Area 275)
• Arlington Southeast
• Grand Prairie (MLS Area 274)
• Watauga

The Takeaway
For the next year we will keep hearing about inventory shortages and a lack of affordable housing. So if you have a home to sell that’s at a more affordable price, you’ll be in a great position to sell this year.

If you like hearing these stats and want more detailed data on your neighborhood, head over to CrestEdgeRealEstate.com/neighborhoods. For any questions or feedback on this podcast, you can contact us on our website. 
 
If you’re looking to buy or sell real estate in DFW, let’s talk. Contact us on our website or call us at 214-803-4444.