Fort Worth home sales increased 14.7-percent year-over-year from June 2019 to 1,377 homes in June 2020. The median price for Fort Worth homes increased 4.6-percent year-over-year to $245,750. Both sales and active listings were up from April 2020.
“The bump in sales we’ve seen in June is great news and I do think we can continue to see that ebb and flow in the coming months,” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS. “Due to limited inventory, sellers have a fair chance of listing their homes and selling relatively quickly as there are fewer homes to compete with on the market.”
Fort Worth’s monthly housing inventory was 2.2 months, less than 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 40 days on the market, five days more than in June 2019. Additionally, active listings decreased 19.7-percent to 2,252 listings during the same time frame.
Construction of U.S. homes jumped 17.3% in June as some states reopened, but the pace still lags last year after this spring’s massive slowdown in building activity due to the coronavirus outbreak. In the South, where coronavirus cases are spiking, starts rose 20.2%.
Thirty-year mortgage rate fell this week below 3% for the first time in a half-century, which has helped spur home purchases as well as home refinancing.
June 2020 Statistics At-A-Glance
- 1,377 – Homes sold in June 2020, 14.7-percent more than June 2019
- $245,750 – Median price in June 2020, 4.6-percent more than June 2019
- 2.2 – Monthly housing inventory in June 2020, .4 less than in June 2019
- 40 – Average number of days homes spent on the market in June 2020, five days more than June 2019
- 34 – Average number of days to close in June 2020, one day more than June 2019