D-FW home prices down 8% from peak

 

Dallas-Fort Worth home prices were down about 8% in the fourth quarter from the market peak in mid 2022.

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Median home sales prices in the area had fallen to $375,000 at the end of 2022 compared with the high point of $408,200 earlier in the year, according to a just-released report from the National Association of Realtors.

Home prices in North Texas and many other U.S. metro areas have softened since last summer due to rising mortgage rates and fewer sales.

North Texas prices were still up 7.1% from the end of 2021 – and increase that was almost twice the national rate, according to the Realtors.

Home prices in the Austin area dipped by 1.3% from fourth quarter 2021 levels.

A recent forecast by financial giant Goldman Sachs predicted Austin home prices – the highest in the state at a median of $478,900 – could fall by 25%.

Austin prices have already plunged by more than 20% since second quarter 2022, according to the Realtors.

Home prices in the Houston area rose by 6.6% in the fourth quarter and increased 5.5% in the San Antonio area, according to the Realtors.

The housing market has cooled as mortgage costs have more than doubled since early last year.

US Home Price Update

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