Interest Rates went up a little and are now at 3.69% with .6% in fees and points. That’s only an increase of 12 basis points (or .12%) from last week. Even though we keep hearing unfavorable economic news about manufacturing and trade, the employment and homebuilder sectors are positive.
Mortgage Application Data
The homebuilder sector economic data aligns with the news from the Mortgage Bankers Association that mortgage applications for new home purchases increased 34.2 percent when compared to this time a year ago. While they’re down 8 percent from August, it’s still an incredible jump when you compare it to last year. It’ll be interesting to see how homebuilders deliver on this increase in interest as more and more talk about seeing a shortage in labor.
When we look at mortgage applications overall for any type of home purchase (not just new construction), they are up half a percent from a week ago.
WalletHub states two DFW Cities are Among Fastest Growing in U.S.
A study conducted by WalletHub concluded that Texas is home to eight of America’s fastest growing cities. Of those eight Texas cities, two are in the metroplex. Frisco ranked number five on the list and McKinney came in at number 13. WalletHub used a data set comparing 17 factors to make this determination. Interesting to note that Frisco and McKinney had some of the highest job growth.
September 2019 Closed Sales Data
Year-to-date for all home listed on the North Texas MLS, most of the numbers for 2019 are more favorable than 2018. We have more homes sold, a higher median sales price of $265,000 (that’s a 2.9%), and sellers have to negotiate less off their list price. The only negative when you look at year-to-date sales data from last year is that homes are spending seven more days on the market before going under contract. The months supply of inventory of homes for sale is 3.4 months. That means if no other homes were listed on the market, given the current demand, it would take 3.4 months for the current supply of homes to sell.
To sum it up and answer the question, how’s the market? It’s still a good market for sellers. Demand, supply, interest rates, and the economy are all at levels that benefit the seller.
If you want to dial-in the data more with neighborhood specific information, head over to our neighborhoods page.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.