Fort Worth home sales up 5% in October

FW Oct

Fort Worth home sales increased 5 percent to 1,062 homes in October 2019. The median price for Fort Worth homes increased 4.6 percent year-over-year to $230,000 in October 2019.

“Inventory was still a challenge in our market in October,” said Moiri Brown, 2019 President of the Greater Fort Worth Association of REALTORS. “We did see sales pick back up, but listings were down slightly from last year. If you want to buy or sell a home before the end of the year, work with a Realtor® to ensure a smooth transaction.”

Fort Worth’s monthly housing inventory was 2.5 months in October 2019, the same as the year prior. 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.

Homes spent an average of 46 days on the market in October 2019, five days more than October 2018. Additionally, active listings decreased 0.4 percent to 2,691 listings during the same time frame.

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October 2019 Statistics At-A-Glance

• 1,062 – Homes sold in October 2019, 5 percent more than October 2018.

• $230,000 – Median price in October 2019, 4.6 percent more than October 2018.

• 2.5 – Monthly housing inventory in October 2019, the same as October 2018.

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• 46 – Average number of days homes spent on the market in October 2019, five days more than October 2018.

• 32 – Average number of days to close in October 2019, one day less than October 2018.

• 2,691 – Active home listings on the market in October 2019, 0.4 percent less than October 2018.

More Americans signed contracts to buy homes in September, a sign that the housing market is still benefiting from lower mortgage rates.

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The National Association of Realtors said in late October that its pending home sales index rose 1.5% from August to September to 108.7, its highest level since December 2017. Measured year over year, pending home sales have surged 3.9%.

Home buying has grown more affordable thanks to steadily dropping mortgage rates. The average interest rate on a 30-year fixed-rate mortgage is 3.75, according to Freddie Mac. That’s down nearly a full percentage point from November 2018.

“It looks like the drop in mortgage rates relative to late last year has helped boost activity in the housing market,” Daniel Silver, an economist at JPMorgan Chase Bank, said in a research note.