Closed home sales plummeted more than 30 percent in Fort Worth and Tarrant County during November compared to a year ago, even as prices continue to decline.
The median home price in Fort Worth slid to $333,009, a price level not seen since February, and well below May’s median price peak of $367,000.
Still, Fort Worth’s November median sales price was 7.4 percent above the median sales price of $310,000 in November 2021, according to data from the Greater Fort Worth Association of Realtors, the Real Estate Research Center at Texas A&M University and Texas Realtors.
Across Tarrant County, the median home sales price in November was $350,000, a level last seen during March. The year-over-year comparison shows November prices at 9.4 percent above the November 2021 median sales price of $320,000.
Those price increases were tamped down to single digits – unlike the double-digit spikes that occurred during the bidding wars of the frenzied housing market last year.
Inventory in Fort Worth during November was at 2.3 months, which was 1.4 months higher than a year ago but still well below the 6.5 months that is considered a balanced market by the Real Estate Research Center at Texas A&M University.
“This is a great time for anyone who is looking to buy a home because they have more houses to choose from than we’ve seen since 2020,” Shannon Ashkinos, 2022 president of the Greater Fort Worth Association of REALTORS, said in a statement.
“Anyone who was in the market over the last two years and kept missing out with their offers should take a hard look at what’s available now,” she said.
There were 2,305 listings in Fort Worth during November, up 122.3 percent from the tight market of November 2021.
Across Tarrant County, there were 4,614 active listings in November, an increase of 115.9 percent from a year ago.
Similar patterns occurred in Parker and Johnson counties.
In Parker County, price declines during November resulted in a median sales price of $431,950, a drop from an April high of $481,800. But the November median price there was 7.2 percent higher than during November 2021. Active listings in November were up 120.4 percent compared to the previous November.
Johnson County’s median sales price in November was $364,750, down from a June peak of $381,250. That median sales price was 22.1 percent above the median price in November 2021. Active listings there were up 146.8 percent.
The number of home closings during November slid in Fort Worth, and across the region. Sales were down 32.1 percent in Fort Worth; 31.9 percent in Tarrant County; 34.1 percent in Parker County; and 24.5 percent in Johnson County.
Industry experts pointed to higher interest rates as the primary reason for declining home closings, lower sales prices and more active listings.
But interest rates fell from a recent high of about 7 percent on a 30-year fixed-rate mortgage to 6.27 percent as of Dec. 22, according to Freddie Mac, signaling some relief for wary prospective buyers.
“Compared to the wild ride of the past two years, 2023 will be a slower-paced housing market, which means drastic shifts like price declines may not happen as quickly as some anticipated,” Danielle Hale, chief economist for Realtor.com said in a statement.
“It will be a challenging year for both buyers and seller – but an important one in setting the stage for home sales to return to a sustainable pace over the next two to three years,” she stated.