Sale prices fell more in Dallas/Fort Worth than in any other U.S. metro over a recent four-week run that the national median price rose.
During the four weeks ending Nov. 16, the median home sale price declined 3.9 percent from a year earlier in Fort Worth, the largest drop out of any of the nation’s 50 most populous cities, according to Redfin. At the same time, the median U.S. sale price rose 2.3 percent year over year.
Dallas tied with Jacksonville, Florida, for second place with a decline of 3.3 percent.
Fort Worth is leading a big pack. While the median home sale price increased nationally, it decreased in 18 of the 50 top cities, the most in over two years.
New home sales might be applying downward pressure on the resale segment, Dave Bowman, head of the Southlake-based brokerage Century 21 Mike Bowman, speculated.
“The builders are going to make deals, period. Now, they’re not going to go broke doing it. But they’re offering buyers incentives now; they have to. Whereas a seller, if they don’t have to sell, they’re not as highly motivated,” Bowman said.
While prices are lower than Fort Worth’s last market peak in 2022, they’re still well above pre-pandemic levels, Bowman observed.
“The big COVID boom was an anomaly of itself. I never saw price appreciation like that, and I’ve been doing this almost 40 years,” Bowman said. “I think we’re getting back now to where we were before.”
The median Fort Worth-area home sold for $354,000 in October, according to Redfin. That’s $30,000 less than the median price in June 2022 but $88,000 more than January 2021.
On the other end of the scale, the top five cities with the biggest year-over-year increases were clustered in the Rust Belt. Cincinnati had the widest leap in sale prices at 10.5 percent, followed by Pittsburgh, Detroit, Milwaukee and Cleveland.
All metros in the Texas Triangle — the region defined by Interstates 10, 45 and 35, cornered at DFW, Houston and San Antonio — have surpassed the rest of the country in varying measures of the buyer’s market shift this year. San Antonio led the nation in canceled home purchases in July. Dallas and Houston had the highest shares of discounted sales in the country in August. Houston and Austin tied for the greatest decrease in median home prices nationally in September. Austin had the highest ratio of sellers to buyers in October, and it suffered the greatest loss in average home value according to Zillow in November.Austin also posted the largest decrease in median price for the third quarter, according to TRD Data.
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