The median house price for a house offered in Fort Worth dipped once more in July.
FORT WORTH, Texas — This story initially appeared within the Dallas Business Journal.
Almost half of all energetic listings within the Fort Worth housing market have had price reductions as demand continues to chill.
The median house price for a house offered in Fort Worth dipped once more in July. While nonetheless up nearly 18% year-over-year, the median house price in Fort Worth was $355,000 in July. Additionally, energetic listings have been up 40% 12 months over 12 months final month, in keeping with a report from the Greater Fort Worth Association of Realtors.
In Johnson and Parker Counties, these numbers have been up greater than 70%.
With stock rising and demand slowing from its earlier fever pitch, 49% of energetic listings have had price reductions, stated Shannon Ashkinos, vice chairman of Connections and Career Success with JPAR Real Estate and 2022 president of the Greater Fort Worth Association of Realtors.
“I think that it’s a correction in the market,” she stated.
While demand is cooling, it’s nonetheless sturdy sufficient to maintain costs pretty excessive when coupled with the market’s low stock. Inventory is now 1.9 months in Fort Worth and Tarrant County, a 0.6-month improve from July final 12 months. Fort Worth at present has a listing of about 1,400 houses, in comparison with about 2,400 houses earlier than the COVID-19 pandemic.
“We were kind of expecting it to get back to that (level), possibly, but it hasn’t made it,” she stated.
The market seemingly received’t get again to a pre-pandemic stage of stock this 12 months. While stock has been climbing and demand has tempered, Fort Worth continues to be very a lot a vendor’s market.
Summer is often the most popular time for the housing market, however August and September sometimes sign a slowdown.
“We’re seeing it slow a little bit right now because we are (in mid) August,” Ashkinos stated. “It’s showing me that we are headed back towards a bit of a typical market.”
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