New data shows home sales have dropped significantly in North Texas
FORT WORTH, Texas (CBSDFW.COM) -- New data recently released by real estate company RE/MAX shows DFW home sales have dropped significantly while prices for homes are still rising.
The research shows home sales are down about 21% from this time last year; However, home prices are up about 14% in the same time period.
"That's the largest decrease to date, and so that's a pretty big number," RE/MAX Town & Country owner and broker Michael Coburn said.
The same report also showed home prices across DFW are now averaging about $399,000.
Coburn added that this trend is directly tied into the rising home mortgage interest rates, which in many cases is now more than 7%.
"A lot of sellers--especially those that bought two, three, maybe even four years ago all the way up to just six months ago--they are sitting there with three or three-and-a-half interest rate and going, 'Hey, I don't have to go anywhere. I think I will just stay put for a while,'" he said.
He reminds buyers that while the interest is much higher than it was a year ago, prospective home owners aren't having to make wild offers above asking.
In this case, Coburn says that can be the equalizer when it comes down to pricing and making your monthly payments.
He added, "Even at a six or 7% interest rate and not having to pay that additional $100,000, you're still doing better off as a buyer."
Experts say this trend could continue for a while longer until the federal reserve decides they are done raising interest rates intended to fight off inflation in the U.S.
