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Existing home sales falling at record pace in Dallas-Fort Worth - Dallas Business Journal

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Dallas-Fort Worth home sales fell 33% in November from the same month a year ago as higher mortgage rates continue to take a toll. November was the fourth straight month of declining sales, and the percentage drops are growing.

, broker/owner of RE/MAX Town & Country in Allen, called what’s happening “the Great Housing Market Reset in Dallas-Fort Worth.”The frenzy of the last two years could not continue, and we are seeing a softening brought on by rising rate increases,” Coburn said. “Next year will be more of the same, with slower sales and steady prices.”

The month's supply of housing inventory in DFW is up nearly 255% over last year and is currently at a three-month supply. “Currently, sellers are paying closing costs and offering incentives, and no bidding wars exist,” he said. “Buyers have a perfect opportunity to pick something up right now and refinance later. When rates come down, buyers will jump in again, and bidding wars and rising prices will return. Buyers have choices right now. Get in before the next frenzy.

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