The North Texas housing market continued to cool down in June from the red-hot environment seen earlier this year.
In June, 9,133 preowned single-family homes sold in Dallas-Fort Worth — down 8% from June 2021, according to the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems.
Homes sold for a median price of $435,000, which is 20% higher than a year ago but the same price as in May.
Bidding wars are less intense now compared to just a few months ago, and it is less likely that homes will get dozens of offers. Buyers are being a little more patient when choosing a house, said Mike Reddell, senior executive vice president and managing director for Douglas Elliman Real Estate in Dallas.
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“I think the people who are in the market to buy understand that if they’re going to transact, they need to find something that they really like and purchase it, and then if mortgage rates trickle back down, they can always refinance at a lower rate,” Reddell said.
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