Dallas-Fort Worth home prices drop for seventh straight month - The Dallas Morning News

Potential homebuyers in North Texas may be happy to find falling prices as the housing market continues to cool down, but those looking for a huge slash on price tags may be out of luck.

Dallas-Fort Worth home prices sank for the seventh consecutive month in January, according to the latest reading of the S&P CoreLogic Case-Shiller Index. Prices in the area peaked in June 2022 and have since fallen 8.5%.

Related:Dallas-Fort Worth surpasses Austin as Texas’ tightest major housing market

Prices fell 0.9% from December but still grew from a year before by 5%. This marks a rapid descent from the 31% annual price growth of April 2022.

U.S. prices also sank for the seventh straight month but were still up 3.8% year over year. Southern cities continued to see the most annual price growth, led by Miami (13.8%), Tampa (10.5%) and Atlanta (8.4%).

The Case-Shiller index is a three-month moving average that compares sales-price changes of specific properties over time. While it is a couple of months behind current market conditions, the index’s price estimate is considered more accurate than home sales data from agents, which can be influenced by the type of properties that are selling each month.

Higher mortgage rates than the record lows in the last few years have put potential homebuyers’ moves on pause. The 30-year fixed-rate mortgage averaged 6.4% as of March 23, according to Freddie Mac, down from 6.6% last week but up from 4.4% a year ago.

The median price of a D-FW single-family home was $388,812 in February, according to the latest local housing market report from North Texas Real Estate Information Systems and the Texas Real Estate Research Center at Texas A&M University.

Local home sales increased 1% in February from a year before.

Related:Investors bought 30% of homes in D-FW last year. Most were not big Wall Street firms

“Following the housing market decline at the end of 2022, cooling mortgage rates in December and early January helped to revive some much-needed optimism,” CoreLogic chief economist Selma Hepp said in a statement, adding that tighter financing conditions could impact buyers. “Ongoing mortgage rate volatility and the fallout from the most recent banking crisis will likely put a damper on the spring homebuying season, particularly if tightening credit impacts mortgage availability.

“However, with price growth continuing to slow rapidly, potential buyers could benefit after being shut out of the market for years.”

Read more stories about the D-FW housing market

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