Spring time is upon us here in the Dallas/Fort Worth metroplex. The weather is warming up, and the city is bustling again! The housing market continues to be extremely competitive, and is definitely a sellers market. The housing market data for February was just released by North Texas Real Estate Information Systems.
In February 2014, we saw 5,393 closed sales in the DFW area, which is 6.7% less than this time last year. The median home price for the DFW-area was $174,000, an 12.3% gain from February 2013. As new and active listings decreased, home prices continue to rise. The housing affordability index dropped to 166 from 193, a -14% change from last year. Inventory remained at extremely low levels of 3.1 months, compared to 4.1 months in February 2013.
Austin-area homes also continue to sell at an accelerated rate, spending an average of 65 days on the market in February 2014, 10 days fewer than 2013. Interest rates show that rates have moved up recently with conventional loan rates around 4.5% and FHA loan rates around 4.25%. In the short term, we may see the crisis in the Ukraine put downward pressure on mortgage rates.
Now, more than ever, it is imperative that you have the help of a Realtor when buying or selling your home. If you would like to search for available homes in the DFW area, you can search by zip code HERE.