The median home price in Fort Worth in March was $329,950 – a slight increase from February, but a 1.5 percent decrease year over year. The number of homes sold grew to 1,021, a .4 percent increase from March 2022 and the first increase after 12 months of decreases in year-over-year closed sales.
Inventory also showed a small increase to 2 months, a welcome sight for buyers. In March of 2022, inventory was 0.7 months, so 2 months indicates better housing market conditions overall, but it is still far from the 6.5 months of inventory that would represent a balanced market according to the Texas Real Estate Research Center at Texas A&M University.
“Active listings are more than double what they were at this time last year, but the mortgage rates are still a factor,” said Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®. “Even a small fluctuation can have a big impact on a monthly mortgage payment. Hopefully the rates will continue to fall or at least stabilize, so buyers can get more comfortable with what they are able to afford.”
Nationally, pending home sales grew in February for the third consecutive month, according to the National Association of REALTORS® (NAR). These numbers are still down year over year, but are considered a positive sign heading into the second quarter of 2023.
“After nearly a year, the housing sector’s contraction is coming to an end,” said NAR Chief Economist Lawrence Yun. “Existing-home sales, pending contracts, and new-home construction pending contracts have turned the corner and climbed for the past three months.”
In March, days on the market fell in Tarrant, Johnson, and Parker Counties, and REALTORS® are starting to see some multiple offer situations arise when the right house hits the market. In Fort Worth, homes spent 57 days on the market, which is still 34 days more than March of 2022.
Despite all the positive indicators, as long as mortgage rates remain high relative to a year ago, the recovery of the market will be a slow and steady process. Homeowners who have locked in lower mortgage rates are choosing not to sell, keeping available inventory low.