Fort Worth home sales decreased 0.9 percent to 1,253 homes in August 2019. The median price for Fort Worth homes increased 3.3 percent year-over-year to $228,000 in August 2019.
"We saw a slight slowdown in the market in August," said Moiri Brown, 2019 President of the Greater Fort Worth Association of REALTORS®. "Lack of inventory and higher home prices are still presenting a challenge for home buyers in the market. Working with a Realtor® is the best way for a buyer or seller to navigate our current market.”
Fort Worth’s monthly housing inventory was 2.6 months in August 2019, 0.1 months less than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 36 days on the market in August 2019, three days more than August 2018. Additionally, active listings decreased 3.7 percent to 2,820 listings during the same time frame.
1. What is the lawsuit about?
The primary allegation is that home sellers are unfairly being required to pay the commissions of buyers’ brokers while falsely suggesting the role of buyer broker has diminished over time. The complaint also contradicts itself and falsely asserts that NAR rules injure competition by requiring sellers and listing brokers to offer MLS participants cooperative commissions as a way to incentivize those participants to show their clients the property in question.
At the July Coffee Talk, Dr. Jim Gaines, Chief Economist at the Texas A&M Real Estate Center, gave his mid-year North Texas market update. Click here to view the presentation.
On Friday, the Supreme Court issued its ruling in the case of Knick v. Township of Scott, a decision which NAR believes will lead state and local governments to be more thoughtful and deliberate when developing laws or regulations that could infringe on Americans’ private property rights.