Home sales continue to slow, with sales of single family homes in North Texas down 22% in October compared to October 2021. No surprise, Condos and Townhome sales were also down double digits. But…median sales prices are slipping more slowly and are still higher than a year ago by double digits. So, we have seen in two years a spike in housing prices during the pandemic by the most in 40 years, and mortgage rates more than doubled in 11 months to their highest level in 20 years. This combination has created a difficult home market, especially for first-time home buyers trying to build a down payment.
Of course, we are still selling homes, over 7000 single family, condos and townhomes in October, and mortgage lenders are creating incentives, including interest-only loans and short term adjustable loans. This won’t be fixed right away, but we hope to move in the right direction soon. Have a wonderful and meaningful Thanksgiving.
Check out the new “area” definitions in the list below:
Overall Single Family Market (North Texas):
Oct 22 vs 21: Sales down 22%, median price up 11%, DOM 38, up 65%.
Sep 22 vs 21: Sales down 17%, median price up 13%, DOM 33, up 65%.
YTD 22 vs 21: Sales down 9%, median price up 17%, DOM 25, up 9%.
Overall Condos Market (North Texas):
Oct 22 vs 21: Sales down 42%, median price up 23%, DOM 26 down 37%
Sep 22 vs 21: Sales down 17%, median price up 15%, DOM 29, down 19%
YTD 22 vs 21: Sales down 19%, median price up 18%, DOM 31, down 37%
Overall Townhome Market (North Texas):
Oct 22 vs 21: Sales down 37%, median price up 18%, DOM 43 up 26%
Sep 22 vs 21: Sales down 21%, median price up 23%, DOM 40, up 18%%
YTD 22 vs 21: Sales down 32%, median price up 16%, DOM 32, down 16%.
Single Family Home Sales Trends:
Oct 2020: 9659 houses, $142/sf avg, 98% sold to asking
Oct 2021: 8542 houses, $174/sf avg, 101% sold to asking
Oct 2022: 6644 houses, $195/sf avg, 96% sold to asking
Condo Sales Trends:
Oct 2020: 414 homes, $168/sf avg, 95% sold to asking
Oct 2021: 331 homes, $197/sf avg, 98% sold to asking
Oct 2022: 240 homes, $242/sf avg, 98% sold to asking
Townhomes Sales Trends:
Oct 2020: 339 homes sold, $162/sf avg, 97% sold to asking
Oct 2021: 331 homes sold, $190/sf avg, 100% sold to asking
Oct 2022: 210 homes sold, $214/sf avg. 97% sold to asking
Here is a look at Single Family home sales by selected Cities for October YTD 2022 vs 2021:
Dallas: Sales 641 vs 816, Median Price $235/sf vs $208/sf, Sold vs Asking 96%
Richardson: Sales 83 vs 103, Median Price $215/sf vs $197/sf, Sold vs Asking 96%
Plano: Sales 199 vs 272, Median Price $212 sf vs $185/sf, Sold to Asking 97%
Frisco: Sales 165 vs 256, Median Price $221/vs $198/sf, Sold to Asking 95%
Highland Park: Sales 6 vs 8, Median Price $520/sf vs $508/sf, Sold to Asking 92%
University Park: Sales 13 vs 12, Median Price $489/sf vs $415/sf, Sold to Asking 98%
Southlake: Sales 28 vs 36, Median Price $285/sf vs $266/sf, Sold to Asking 94%
Colleyville: Sales 24 vs 33, Median Price $248/sf vs $230/sf, Sold to Asking 93%
Coppell: Sales 24 vs 46, Median Price $263/sf vs $211/sf, Sold to Asking 99%
Carrollton: Sales 91 vs 115, Median Price $211/sf vs $185/sf, Sold to Asking 96%
Farmers Branch: Sales 22 vs 31, Median Price $247/sf vs $197/sf, Sold to Asking 97%
Allen: Sales 107 vs 70, Median Price $215/sf vs $187/sf, Sold to Asking 98%
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540