The Dallas Morning News
Number of homes for sale still critically low
Annual comparison should reflect ‘pause’ of pandemic, expert says
A new report shows that the severe shortage of homes for sale in the Dallas-fort Worth area shows no sign of a resolution.
The number of new U.S. homes hitting the market rose last week from a year ago, but the severe shortage of homes for sale in Dallas-fort Worth shows no sign of a resolution.
New home listings were up 36% nationwide compared with a year ago. But in the DFW
area, the increase was only 17.9%, according to a new report by Realtor.com.
The increase in new home sales listings last week was also being compared with numbers from the early days of the COVID-19 pandemic a year ago when most home sellers retreated from the market.
“It’s important to remember that we are now at a period where the year-ago comparisons are against the early days of the pandemic when the real estate market, like many of the sectors of the economy, hit pause,” Realtor.com chief economist Danielle Hale said in the new report. “While home prices never declined, they were flat this time last year.
“Fortunately, we are seeing more usual seasonal trends in the housing market this year, and that means we’ll likely see a big pickup in the number of options for buyers as we move toward summer.”
Median home sales listing prices in the D-FW area are up 14.7% from a year ago.
Nationwide, list prices are 18.7% higher year-over-year — the 35th consecutive week of double-digit percentage home price increases, according to Realtor.com.
Total home listings across the country are more than 50% lower than they were in early April 2020.
In the D-FW area, there are almost 70% fewer homes listed for sale with real estate agents than a year ago. Only about 6,000 houses were listed for sale with North Texas agents in March.