Housing Report: July 2023
July 2023 Housing Report
The median home price in Fort Worth in July was $329,450, a 7.2 percent decrease from July 2022. The median price in Tarrant County of $355,000 was down 4.8 percent year over year.
As the mortgage rates have creeped up over the last several weeks to just shy of 7 percent once again, the lower prices have been a positive sign for those trying to get into a home.
Inventory has held steady at just above 2 months in both Fort Worth and Tarrant County. Johnson County is at 3.1 months and Parker County is at 4.6. The Texas Real Estate Research Center at Texas A&M University states that 6.5 months of inventory would represent a balanced market, so inventory is still a pressure point for the market.
“Rates will come down, but it’s just a matter of when,” said Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®. “I’ve been reminding those in the market to ‘marry the house and date the rate,’ so that they can stay focused on finding the right house at the right price and make plans to refinance later.”
Year over year, active listings were down 3.5 percent in Fort Worth, and closed sales were down only 1.8 percent. Days on the market continued their downward trend over the last 6 months to 38 days in Fort Worth and 35 days in Tarrant County. Both numbers are still a far cry from a year ago, with homes on the market two-to-three weeks longer on average than they were in July of 2022.
The National Association of REALTORS® (NAR) expects existing-home sales to decrease 12.9 percent from 2022 to 2023, before climbing 15.5 percent in 2024. Uncertainty surrounding inflation and increasing mortgage rates over the last 12 months has naturally sent many prospective home buyers and sellers into wait-and-see mode. However, the experts are staying positive regarding the second half of 2023.
"Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next,” said NAR Chief Economist Lawrence Yun.
July 2023 Fort Worth Statistics At-A-Glance
- 1,000 - Homes sold in July 2023, 1.8 percent less than July 2022
- $329,450 - Median price in July 2023, 7.2 percent less than July 2022
- 2.2 - Monthly housing inventory in July 2023, 0.3 months more than July 2022
- 38 - Average number of days homes spent on the market in July 2023, 21 days more than July 2022
- 31 - Average number of days to close in July 2023