Report: Dallas median home sales price jumped nearly 30 percent year-over-year
DALLAS (CBSDFW.COM) - While the housing market appears to be slowing down a bit in parts of the United States, a report released Monday from RE/MAX National shows the Dallas market saw the biggest percentage increase in median home sales price from June 2021 to June 2022.
A real estate agent tells CBS 11 that has to do with the amount of people moving to our state.
"With all the corporate relocations, all the companies moving here ... that's really what's causing the tremendous price appreciation in the past 12 months," said Todd Luong, a real estate agent at RE/MAX DFW Associates.
In June of 2021, the median sales price in Dallas was $329,500. Last month it was $426,000 -- a 29.3 percent increase.
Despite that increase, the Dallas housing market has seen moderate signs of relief. Notably, housing inventory has improved. Luong said a few months ago there was about two weeks' supply of housing. That has jumped to two months'.
Still, that's considerably lower than historical standards.
"A normal market, you're supposed to have five to six months of inventory," Luong said. "You're only at about two months. That still really puts the pressure for prices to keep going up."
And as far as the potential for increasing housing inventory in the coming months, a lot could depend on interest rates.
"I think if interest rates go up even more from where they are now, then it is possible that we may see more inventory come on the market."
That's because as interest rates rise, so do people's monthly payments. That will likely deter potential homebuyers, leading to more properties staying on the market for longer periods of time.
And if potential sellers see the market peaking, they may be inclined to put their properties on the market before prices drop.
As it stands now, if you're searching for a new home, you can still expect to pay above the sales price for a competitively priced home.
"Things have definitely slowed down, but for homes that are priced well, they're still selling very fast," Luong said.
Read more findings from the RE/MAX National Housing Report for June 2022 here.