The market appears to be stabilizing in the greater Fort Worth area and nationwide, as price increases slow and inventory continues to rise. The average price of a home in July in Fort Worth was $355,000 – still a 17.9 percent increase year over year, but a decrease from May and June’s prices.
Inventory is now 1.9 months in Fort Worth and Tarrant County, a 0.6 month increase from July of 2021. The Texas Real Estate Research 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. In addition, active listings in July in Fort Worth were up 40 percent year over year. In Johnson and Parker Counties, those numbers were up more than 70 percent.
“We are seeing a more normal ‘seasonal slowing’ in the market. It is taking just a bit longer for houses to sell, but make no mistake, houses are still selling,” said Shannon Ashkinos, 2022 President of the Greater Fort Worth Association of REALTORS®. “There are less multiple offer situations and more options to choose from, so buyers who were worn out before are now slowly beginning to get back in the market.”
Those watching the mortgage rates as their indicator of when to buy have been on a roller coaster. In the first two weeks of August, rates dropped to just below 5 percent, then jumped back up to 5.22 percent, Freddie Mac reports.
“Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market,” said Sam Khater, Freddie Mac’s chief economist. “Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”
Amid the continued uncertainty, those who are in the market to buy are moving quickly to make their offers. Homes spent an average of 18 days on the market in Fort Worth and 17 days in Tarrant County in July. Even though the fierce competition of the spring is now in the past, buyers should continue to be prepared should the right home come along. Having their finances in order and the experience of a REALTOR® alongside them will be their greatest asset.