For the first time since 2009, homes sold faster than the preceding summer peak season in October, according to the RE/MAX National Housing Report. Across 52 markets nationally, the average number of days from listing to contract was 38, making October the fastest paced month in the report’s 13-years of operation.
The Dallas-Fort Worth Housing Market continued to see an increase in both new and existing home sales and prices in October. Overall, home sales in DFW were up 17.4 percent and home prices rose 12.5 percent from last year, according to Dallas-based USAHomes.com. For new home sales, home prices finally moved upward after an eight-month period of decline. The 12-month moving average for new home prices in DFW increased to $370,546 in October, up from $369,416 in September and $374,788 in February, when prices began to fall.
October data also shows a fall in the average days on the market for new homes in DFW, from 95.2 days in September to 93.8 days in October. New home sales in DFW totaled 1,551 for the month, compared to 1,530 in September. Average pending sales in DFW also rose in October, from 1,882 to 1,924. However, active listings in DFW fell from 6,945 to 6,792, continuing the trend of falling inventory.
The Dallas-Fort Worth Housing Market, like the national market, continues to show positive trends despite COVID-19 concerns since the beginning of the year. Interest rates remain low, and many homebuyers have adjusted their lives around the pandemic, with remote working, homeschooling, and more, supporting the strong demand in the market. As the year comes to a close, December is expected to be a slow-down month, but the overall environment points to a strong end of the year.