Fort Worth home sales increased 8.3-percent from August 2019 to 1,331 homes in August 2020. Fort Worth’s monthly housing inventory was 1.8 months, 0.9 months less than the year prior.
“Across our area we are seeing extremely low inventory due to the pandemic and also a high volume of home owners refinancing at historically low interest rates.” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS®. “The low inventory will keep real estate prices rising as demand far exceeds supply. We probably won’t see a significant change in course until next spring and even then we will still likely be faced with low supply. For those considering selling, this means less competition in the market and an opportunity for a faster close.”
The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 37 days on the market, two days more than in August 2019. Additionally, active listings decreased 31.4-percent to 1,951 listings during the same time frame.