The North Texas housing market in August continued to cool down from record sales activity over the last couple of years, but buyers are yet to see much...
with 18,364 listings, up 68% from a year earlier. The local market had two months of supply in August, still far below the six months of inventory that would be considered balanced between buyers and sellers.
Rapid price appreciation and an ascent from record-low mortgage rates have driven away potential buyers. The average rate for a 30-year fixed-rate mortgage reached 5.89% as of Sept. 8, its highest level since 2008, according to a weekly survey released by Freddie Mac. Rates were less than 3% just a year ago, a difference that could add hundreds of dollars to buyers’ monthly payments.
“The economy is slowing, there’s no doubt about it,” Eisenberg said. “Whether we go into a recession depends almost entirely on interest rates.” “Change in this type of market means that there’s more opportunity for the agents who know what to do and then do it well, and there’s going to be less opportunity for the ones that don’t know what to do and don’t do it well,” Heller said. “So there’ll be a shift — a shift in who controls the inventory, a shift in who’s doing business and who’s not.”
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