The August housing report for Fort Worth brings with it a mix of challenges and opportunities for potential homebuyers and sellers. While it’s true that there are hurdles to overcome, such as rising mortgage rates and decreased closed sales, it’s important to focus on the positive aspects of the current market.
One of the standout features of the August housing report is the increase in housing inventory. With 2.4 months of inventory, Fort Worth is witnessing the highest number of houses on the market in 2023. This uptick in inventory is excellent news for potential homebuyers as it means more options to choose from when searching for their dream home.
It’s worth noting that while 2.4 months of inventory is still considered low, the trend is heading in the right direction. The Texas Real Estate Research Center at Texas A&M University suggests that a balanced market would have around 6.5 months of inventory. So, the current numbers indicate that we’re moving closer to equilibrium, offering hope for those in the market for a new home.
Affordability has been a significant concern in the housing market, with rising prices and mortgage rates above 7 percent, reaching multidecade highs in August. The median home price in Fort Worth for August was $335,000, and in Tarrant County, it was $351,561. These figures are down year over year by 4.3 percent and 3.7 percent, respectively.
While higher prices and mortgage rates can pose challenges, they also reflect a positive aspect of the housing market: the resilience of real estate as an investment. Home prices have remained relatively stable, with only modest declines despite the economic uncertainties. This stability can provide a sense of security for homeowners.
Another intriguing aspect of the current housing market in Fort Worth is the competition among buyers. Despite the challenges, 35 percent of homes are selling for more than their asking price. Multiple offer situations are still common when the right home hits the market. This competitive environment showcases the desirability of Fort Worth as a place to live and invest in real estate.
While it’s true that there are challenges in the Fort Worth housing market, including decreased closed sales and the impact of high mortgage rates, it’s important not to lose sight of the positive aspects. The increase in housing inventory is a step in the right direction, offering more choices for homebuyers. Stable home prices underscore the value of real estate as an investment, and a competitive market highlights the attractiveness of the city.