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Dallas-Fort Worth housing market ‘softening, but not soft’

What are buyers and sellers to make of the mixed-up North Texas market? Is it down-shifting from overheated to merely robust?
Credit: Jake Dean/Dallas Business Journal

DALLAS — Real estate agents and others in the residential business say they have seen D-FW transition over the last couple of months from a completely insane housing market to what's still a red-hot market, but more manageable.

Nationwide, home purchase mortgage applications are running below their pre-pandemic trend, according to the most recent Mortgage Bankers Association's survey. In addition, the number of U.S. homes newly listed for sale surpassed 2019 levels during the four weeks that ended July 4, according to data from Seattle-based Redfin Corp.  That's the first time this year that new listings have risen over a four-week period.

Dallas-Fort Worth, where single-family home demand has soared and supply has lagged since the second half of last year, remains solidly a seller’s market. New listings fell 5 percent in June and total supply remains down by more than half compared to a year ago.

Yet on the bright side for buyers, the month’s supply of inventory — a measure of how many homes are selling compared with how much is for sale — rose slightly last month. Homes in much of North Texas continue to get multiple offers and sell above asking prices, but the number of offers has dropped from double digits to fewer than 10, and the offers — while still high — are for less over the list price than they were in April and May.

What are buyers and sellers to make of this mixed-up North Texas market? Is it down-shifting from overheated to merely robust? Are the days of over-the-top bidding wars behind us, or are they just taking a breather?

For answers, the Dallas Business Journal turned to Josh Harley, founder, chairman and CEO of real estate brokerage Fathom Holdings (Nasdaq: FTHM).

To read Harley’s full conversation with the Dallas Business Journal, click here.