Housing Report: February 2024

Housing Report - February 2024

February 2024 Housing Report

Inventory continued a steady climb in February, and the median home price for Fort Worth increased to $329,000. This is a 0.9 percent increase from February of 2023. 

Active listings were up 25.4 percent in Fort Worth and 28.7 percent in Tarrant County. However, closed sales were down 2.2 percent in Fort Worth and 4.1 percent in Tarrant County. 

Inventory has been steadily climbing over the last several months to 2.5 months in Fort Worth and 2.4 in Tarrant County. The Texas Real Estate Research Center at Texas A&M University states that 6.5 months of inventory would represent a balanced market. 

“We’re seeing a slight decrease in days on the market in Fort Worth,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS®. “As we head into the spring market and more options become available, home buyers are going to want to be prepared to make an offer if a home catches their eye.”

The overall market rebound has been slower than anticipated nationally. Pending home sales decreased 4.9 percent in January, as measured by the Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings reported by the National Association of REALTORS® (NAR).

Sales of newly built homes increased, however, according to reports from the Commerce Department. Those numbers are being driven up due to the historically low supply of existing homes.

Housing affordability is also an issue for many current homebuyers, which is why the slightest fluctuation in mortgage rates can cause ripples throughout the market. Last week, mortgage rates declined slightly to 6.88 percent for a 30-year fixed-rate mortgage. However, about a third of homebuyers don’t feel that impact, as all-cash sales accounted for 32 percent of transactions in January, according to NAR.

"The job market is solid, and the country's total wealth reached a record high due to stock market and home price gains," said NAR Chief Economist Lawrence Yun. "This combination of economic conditions is favorable for home buying. However, consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that's impacting home sales."

February 2024 Fort Worth Statistics At-A-Glance

  • 766 - Homes sold in February 2024, 2.2 percent less than February 2023
  • $329,000 - Median price in February 2024, 0.9 percent more than February 2023
  • 2.5 - Monthly housing inventory in February 2024, 0.6 months more than February 2023
  • 53 - Average number of days homes spent on the market in February 2024, 12 days less than February 2023
  • 29 - Average number of days to close in February 2024

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