Housing Report: April 2024

Fort Worth Real Estate Blog · 2 years ago · 133 views

April 2024 Housing Report The median home price in Tarrant County in April was flat from one year ago, at $350,000. In Fort Worth, the median price of $325,500 was down 3.2 percent year over year. Inventory continued its climb to 2.8 months in Fort Worth, which is up 0.8 months from April of 2023. Mortgage rates were up as well, as 30-year fixed rate mortgages sat above 7 percent for much of the past month, creating a challenging affordability landscape for some home buyers. “Spring is a historically busy time as homeowners and prospective buyers find themselves needing to buy or sell a home due to a need to upsize, downsize, or maybe relocate due to a new job,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS®. “Higher interest rates continue to present challenges, but the local market has been resilient as the greater Fort Worth area continues to grow.” April closed sales were up year over year in Fort Worth and Tarrant County by 8.7 percent and 8.8 percent, respectively. Days on the market in Fort Worth fell to 45 days in April, down 9 days from April of 2023. Active listings were up in Tarrant, Johnson, and Parker Counties, providing more options for the 2024 homebuyer compared to those of a year ago. Nationally, home sales have lingered at 30-year lows. At the recent Economic Forum at the 2024 National Association of Realtors® (NAR) Legislative Meetings, NAR Chief Economist Lawrence Yun forecast that interest rates will fall in the long term and 2024 existing-home sales will rise to 4.46 million (up 9 percent from 4.09 million in 2023). "Job gains, steady mortgage rates, and the release of inventory from pent-up home sellers will lead to more sales," said Yun. "Given the lingering housing shortage, home prices will march higher, albeit much more slowly than in the past." Buyers and sellers should expect business as usual as NAR works toward its proposed settlement agreement to end litigation of claims related to broker commissions. This agreement was granted preliminary approval by a federal court in late April. No changes are set to go into effect until August of 2024, at which point consumers can expect a seamless transition to new protocols in how REALTOR® compensation is negotiated and communicated. For more information, visit competition.realtor. April 2024 Fort Worth Statistics At-A-Glance 1,039 - Homes sold in April 2024, 8.7 percent more than April 2023 $325,500 - Median price in April 2024, 3.2 percent less than April 2023 2.8 - Monthly housing inventory in April 2024, 0.8 months more than April 2023 45 - Average number of days homes spent on the market in April 2024, 9 days less than April 2023 30 - Average number of days to close in April 2024