The Crazy DFW Real Estate Market

selling a house with a lien

Real estate agents and other residential professionals claim that DFW has gone from a crazy housing market to a more manageable market in the past few months.

According to the latest survey by Mortgage Bankers Association, national home purchase mortgage applications are below their pre-pandemic trends. According to Redfin Corp data, the number of U.S. homes newly listed for sale in the last four weeks of July exceeded 2019 levels. This is the first year this year that new listings have increased over a four-week period.

Despite single-family home demand rising dramatically and supply has slowed since the second half of last year, Dallas-Fort Worth is still a seller’s market. In June, new listings dropped 5 percent, and the total supply remained down by more than half compared with a year ago.

The bright side for buyers is that the month’s inventory, which measures how many homes are for sale versus how many are selling, rose slightly last month. Although many homes in North Texas are still receiving multiple offers and selling above the asking price, the number of offers has fallen from double digits down to less than 10. The offers, while still high, are lower than the list price.

What should buyers and sellers make of the mixed-up North Texas marketplace? Are buyers and sellers noticing a shift from an overheated market to one that is merely strong? Are we seeing the end of bidding wars and over-the-top bidding? Or are they taking a break?

The Dallas Business Journal reached out to Josh Harley, founder, and chairman of Fathom Holdings, a real estate brokerage (Nasdaq FTHM).