June 2023 Housing Report
The June housing report numbers showed positive signs in the greater Fort Worth area, but prospective home buyers are still facing challenges. Inventory climbed to 2.2 months in Fort Worth and 2.1 months in Tarrant County. Johnson and Parker Counties also showed inventory increases.
In addition, housing prices remained steady, with only Tarrant County posting an increase from May with a median price of $360,000 in June, a 4.1 percent decrease year over year. Fort Worth’s median price was $338,000, a 6.7 percent decrease from 2022.
Despite lower prices and higher inventory year over year, closed sales were down 6.4 percent in Fort Worth in June as mortgage rates continued to climb. With the impact that brings to affordability, and the overall lack of housing inventory options, potential home buyers and sellers sometimes face difficult choices.
“Closed sales are down but active listings are up. Without a doubt, we’re in a better spot than we were a year ago when inventory was historically low and home prices were climbing rapidly,” said Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®. “The difference now, and the key to the current market, are the mortgage rates.”
Pending home sales continue to decrease both regionally and nationally, according to the National Association of REALTORS® (NAR). The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – dropped 2.7 percent in May. Year over year, pending transactions fell by 22.2 percent.
In addition, NAR’s recently released 2023 Member Profile revealed that 32 percent of REALTORS® named a lack of inventory as the most important factor limiting potential clients from making a purchase.
“It is encouraging that homebuilders have ramped up production, but the supply from new construction takes time and remains insufficient,” said NAR Chief Economist Lawrence Yun. “There should be more focus on boosting existing-home inventory with temporary tax incentive measures.”
Days on the market in Fort Worth in June decreased to 39 days, six days less than May. Homes are still selling, and sometimes with multiple offers, to the benefit of buyers and sellers who are persistent despite all the hurdles of the current market.
June 2023 Fort Worth Statistics At-A-Glance
- 1,126 - Homes sold in June 2023, 6.4 percent less than June 2022
- $338,000 - Median price in June 2023, 6.7 percent less than June 2022
- 2.2 - Monthly housing inventory in June 2023, 0.6 months more than June 2022
- 39 - Average number of days homes spent on the market in June 2023, 23 days more than June 2022
- 31 - Average number of days to close in June 2023