DALLAS — This story originally appeared in the Dallas Business Journal, a WFAA news partner.
Median home prices are down $152,000 in Frisco, $115,000 in Plano, and $110,000 in Irving from their springtime highs, according to a city-by-city analysis.
Median prices for single-family houses are down $90,000 in McKinney, $72,000 in Dallas, $67,500 in Richardson, $40,000 in Fort Worth, $37,000 in Denton, and $26,000 in Arlington from their peaks earlier this year, according to AgentStory, a tech company that pulled home price data in select North Texas cities at the request of the Dallas Business Journal.
The data shows sharp variations in how much median home prices have dropped from their peaks in the spring in cities across North Texas.
In Frisco, the median home price stood at $598,000 in October, down from a peak of $750,000 in March.
Plano’s median home price plunged to $450,000 last month from a high of $565,000 in April.
In Irving, where prices have bounced up and down more than most cities, the median price was $374,700 in October. That’s down from a peak median home price of $485,000 in May, but up from $340,000 in September.
The Texas housing market has cooled quickly not only in terms of pricing, but sales volume, said Jon Cardella, co-founder and CEO of AgentStory.
“Volume is going down, as you'd expect, because of the fact that rates are so high right now relative to the last few years,” Cardella said.
Mortgage rates are at their highest level in more than 20 years. Average 30-year fixed-rate mortgages are now at roughly 7% — more than double their 3% average at the end of last year.
As the number of home sales in most DFW cities has dropped, so too have the prices.
McKinney’s median home price was $499,700 in October after peaking at $590,000 in April.
In Dallas, the median home price stood at $399,900 in October, down from a high of $471,551 in April.
Richardson’s median of $415,000 last month has fallen from a $482,500 peak in March.
In Fort Worth, the October median was $331,369, after maxing out at $371,000 in April.
Denton’s median home price rang in at $375,000 last month after peaking at $412,400 in February, and Arlington’s median of $324,995 was down from a high of $351,600 in April.
Across DFW as a whole, home prices were up year-over-year in October, but down for the third straight month.
The median DFW home price in October was $394,900, up 12.3% from October 2021. But the $394,900 last month was down from the $399,000 median home price in September and the $405,000 median in August, according to the latest Re/Max National Housing Report.
DFW home sales are down sharply on both a year-over-year and month-to-month basis.
Home sales fell 27% in October from the same month a year ago
A total of 6,921 homes were sold across DFW in October compared to 9,481 in October 2021, according to the Re/Max report. The 27% drop was the largest year-over-year decrease recorded by Re/Max (NYSE: RMAX) this year.
The 6,921 home sales in October were down 14.7% from the 8,111 sold in September. The September home sales were down 11.7% from the 9,182 sold in August.