DFW Home Prices Continue to Decline Year Over Year
Home prices in the DFW area are continuing to slide on a year over year basis.
While the number is negative, I think it helps to keep things in context. First, -1.68% is not a significant drop in the scheme of things. Second, the -1.68% drop is the smallest year over year decline we've seen since March of this year. When you consider the graph above, you can see that prices appear to have levelled off. Third, year to date we are still up 3.95%.
To me, the bigger story of the DFW housing market is the number of closed sales. This number continues to decline rather dramatically. In October, the number of closed sales in the DFW market was down -9.5% year over year. To put that in perspective, in October 2020, there were 12,561 homes that closed. In October 2021 there were 11,474. October 2022 saw 8,770, and October 2023 saw just 7,940 homes close. That is a rather significant change in just a few years, and it is at the heart of why home prices have not dropped very much in the DFW area. Yes, demand has declined, but so has the supply of houses on the market.