According to a new Zillow market report.
Why is this important: For potential buyers, this means less choice and higher costs. It also means higher headline inflation in the region.
What is happening: By early February, there were fewer than 8,000 single-family homes listed with area realtors. That’s down more than 60% from a year ago — and one of the lowest home-for-sale offers in North Texas history — according to Dallas Morning News.
By the numbers: The typical cost of a home in Dallas-Fort Worth is up 26% from a year ago, according to the Zillow report.
To note : The average rent in North Texas is just over $1,700, up 18% from last year.
Between the lines: Permits to build homes in Denton and Collin counties have been down in januarydespite the fact that home builders have long waiting lists filled with eager buyers.
What they say : “We probably have 600 people a month moving to Celina,” Celina Mayor Sean Terry said. says NBC5 Last week. “You can’t build a house fast enough for people to move here. Because we have good schools and we are a very safe community.
And after: As mortgage rates rise, sales will slow and housing demand will likely fall, especially in more expensive neighborhoods.