DFW had another record-breaking year according to the December Market Update released by NTREIS. The local housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018.
Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation. home prices didn't stop the market from growing in 2017.
The total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.
New Listings were up in the North Texas region 5.1 percent to 7,150. Pending Sales increased 1.7 percent to 6,243. Inventory shrank 0.8 percent to 21,277 units.
Prices moved higher as Median Sales Price was up 8.5 percent to $250,000. Days on Market increased 8.5 percent to 51. Months Supply of Inventory was down 8.3 percent to 2.2 months, indicating that demand increased relative to supply. Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases.