Home Sales - October 2024

There has been a dramatic change in our local market.  Currently, 53% of active listings have had at least one price reduction, showing the dramatic shift in sales prices. Sellers are having to adjust their prices to a downward moving target.

There are a few major factors at work:

• COVID essentially doubled our home prices in north Texas
• current interest rates are still too high
• many home owners have current mortgage rates below 5%
• pending presidential election 2024

Many local home owners see no need to sell their current home with a low mortgage rate to purchase an over priced home (in their opinion) at a much higher interest rate.

This is keeping many potential buyers out of the market and suppressing demand. Something will need to change to cause demand to rise. Perhaps after the elections, the Fed lowers the rate or prices drop low enough to attract buyers that are on the fence.