July 2021 - North Texas Monthly Market Update

Dated: August 20 2021

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The numbers really do speak for themselves. The market is on absolute fire in North Texas.

The two most common questions I get asked are: “When is the market going to crash?” and “Are we in a housing bubble?”

In regards to a possible housing bubble, In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market. When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.” Today’s housing market is healthy, and rising prices are driven by real buyer demand.

For a more in depth look at the prospect of the market crashing, access my March 1st article “Is the Real Estate Market Going to Crash?”

In the article, we write that the conditions that led to 2008’s recession were different than what we are experiencing today. Currently, the principle of supply and demand is working just as it’s supposed to do.

North Texas Market Update

For the second month in a row, North Texas saw an increase in inventory in July, slightly easing the supply crunch that has been plaguing North Texas homebuyers. Inventory increased to 1.6 months which is an improvement from the levels seen earlier this year but still significantly lower than the 2.7 months of inventory seen a year ago. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

The average number of days on market dropped to 25 for July, which indicates that there is still a significant backlog of buyers without enough houses to meet the demand. With mortgage rates staying low, buyers will likely continue to outnumber supply.

The median home price in North Texas continued its climb, hitting $310,000 in July, a nearly 16 percent year-over-year increases. Specifically, Tarrant, Johnson, and Parker counties all showed median prices at about 21% higher than July of 2020.

Here are your July 2021 North Texas Statistics At-A-Glance:

  • 39,707 - Homes sold in July 2021, 9.4 percent less than July 2020
  • $310,000 - Median price in July 2021, 15.7 percent more than July 2020
  • 1.6 - Monthly housing inventory in July 2021, 1.1 months less than in July 2020
  • 25 - Average number of days homes spent on the market in July 2021, 27 days less than July 2020
  • 39 - Average number of days to close in July 2021

For statistics specific to your market, drop me a comment, give me a call, or hit my DM’s!

I’m always more than happy and never to busy to talk Real Estate!

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