Sellers started to emerge in June, leading to an increase in inventory in Fort Worth. However, a backlog of eager homebuyers and low mortgage rates helped continue the upward trend of home prices, as the median price hit $300,000.
Fort Worth saw 1.1 months of inventory in June, an increase from months of holding steady at 0.9. Although this is movement in the right direction, inventory is still historically low. 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.
In addition, the average number of days on the market in Tarrant County dropped to 17, as available homes sold quickly. This is 20 days less than June of 2020.
“We are still facing a situation where the number of homes on the market is simply not enough to meet the demand from prospective homebuyers,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association of REALTORS®. “Getting into a home involves a little more creativity these days. Consider expanding your search beyond your desired neighborhood, and go into the process with an open mind.”
Active listings are down 44 percent year over year in Fort Worth, and 43 percent nationwide. In Parker County, listings are down by 50 percent, and in Johnson County, they’re down 40 percent.
“Although there’s still a significant shortage of homes for sale and home prices just hit a new high, our June data report shows good news on the horizon for buyers,” says George Ratiu, senior economist at realtor.com®. “Inventory declines improved over the steep drops seen earlier in the pandemic as sellers stepped back into the market in a variety of price ranges across the country.”
If the progress in new listings continues, Ratiu adds that the housing market could return to a more normal pace of activity by the second half of 2021.