🧐 Thinking about the Dallas real estate market? Let's dive into the current state of the market and see what's happening.
➡️ In 2022, we saw a decrease in single-family home permits with a 34% decrease in December compared to the previous year.
🏠 The majority of single-family construction is happening in the suburbs where there's available land.
🏢 On the other hand, multifamily housing construction is picking up with an 86% YoY increase in December.
💰 Although the supply of homes on the market has increased, we've seen a dip in December with only 2.3 months of supply.
🔍 Real estate professionals say there's a return to ample homebuyer interest but at a less frenzied pace than in 2021 and early 2022.
🏠 The median price for a home in Dallas in December 2022 was $402,000, a 5.2% increase YoY.
💰 Mortgage applications saw a drop as the Mortgage Bankers Association's Purchase Index decreased 10% as of Feb. 1, 2023.
💭 Consumer sentiment in the Dallas market was 59.7 in December 2022, a 10.9-point decline compared to the previous year but much higher than the national score of 31.
🔍 So, what does this all mean for the Dallas housing market? While there have been some changes, the market still appears to be growing with rising prices and demand. Keep an eye on the trends and make informed decisions.
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