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Home showings down 30% in Dallas-Fort Worth

Even though the rate fell faster in DFW, the number of tours per listing in DFW exceeded the national average.

DALLAS — Read this story and other North Texas business news from our content partners at the Dallas Business Journal

Home showings across Dallas-Fort Worth dropped 30% year-over-year in June — further evidence that the North Texas housing market is cooling fast.

Showings in North Texas fell faster than the national rate, which was an 18.7% average year-over-year decline, according to the latest data from ShowingTime, a house touring technology and market stats firm.

Even though the rate fell faster in DFW, the number of tours per listing in DFW exceeded the national average. DFW homes on the market got an average of 9.2 showings in June compared to an average of 5.6 views nationally.

Dallas-Fort Worth’s ratio of 9.2 showings per listing ranked 12th nationally.

Burlington, Vermont, ranked highest with 13.6 showings per listing, followed by Rochester, N.Y., and Cleveland, Ohio, with 10.2 showings per listing apiece.

Showing activity is still well above pre-pandemic levels nationwide and in DFW while reflecting the abrupt slowdown occurring in the housing market. 

The decline in showings is another indication that higher mortgage rates and higher home prices have forced many would-be buyers out of the housing market in DFW and throughout much of the nation..In addition, housing. inventory in DFW has risen from record-low levels, so the buyers who remain in the market have more choices.

Markets averaging double-digit home tours per listing fell from March’s record high of 121 markets to three in June.

The ShowingTime report calls the decline in showings nationally "a welcome change for home shoppers used to abnormal market activity," 

On a month-to-month basis, June showings in DFW fell 18% from May.

Anecdotal signs of a U.S. housing slowdown have yet to translate into lower home prices, according to another study.

Average prices still are rising in nearly all of the nation’s 100 largest housing markets, including Dallas-Fort Worth, according to researchers at Florida Atlantic University and Florida International University.

In DFW, the median price of single-family homes reached $425,000 in the second quarter of this year, according to a new report from Texas Realtors. House prices are climbing faster in North Texas than they are in any other Texas metro area, that report finds.

The median DFW home sale price in the second quarter increased 21.4% from a year ago, compared to a 19.1% increase statewide. The statewide median price is now $357,388.

San Antonio had the second-highest price appreciation rate among the state's major metros, with second-quarter sale prices up 20.2% year over year to $334,646.

In Austin, single-family home prices in the second quarter rose 17.4% year over year to $546,000. In Houston, home sale prices climbed 16.6% to $349,999.

The soaring prices in DFW came as Q2 sales volume decreased 6.6% year over year to 28,354 single-family home sales.

Statewide, home sales decreased 5.6% compared to the same quarter last year to 108,390.

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