Last year, U.S. consumers seemed to be operating with cautious optimism. Salary wages were edging upwards and home buying activity was competitive, especially in the affordable segment. Not much has changed in 2018 but there are some concerns about interest rates increasing by 1% by the end of 2018. For consumers contemplating a major expense like a home purchase, that is another factor adding to the high emotions that go with the purchase.
Here is a graphic snapshot about the Dallas and wider North Texas market:
It has now been several years of rising prices and low inventory. Those who bought a home and overpaid to get the deal seem to be satisfied with their decision. As sellers attempt to cash out on rising prices, I am observing buyers being more selective.
New Listings were up in the North Texas region 3.3 percent to 10,685. Pending Sales increased 1.6 percent to 8,193. Inventory shrank 2.6 percent to 20,862 units. Prices moved higher as Median Sales Price was up 4.9 percent to $235,000. Days on Market increased 6.1 percent to 52. Months Supply of Inventory was down 4.3 percent to 2.2 months, indicating that demand increased relative to supply.