North Texas home prices are up more than 50% from where they were before the pandemic.
Record-low mortgage rates, a wave of millennial homebuyers and record-low inventory pushed the North Texas housing market into a two-year frenzy after the start of the pandemic.
That finally ended in the spring, largely due to a steep climb in mortgage rates engineered by the Federal Reserve. The average rate for a 30-year home loanExisting home sales in November saw a, a drop not seen since immediately after the Great Recession, according to the latest data from the Texas Real Estate Research Center at Texas A&M University.
Longtime A&M economist Jim Gaines expects the number of existing home sales to continue to fall. Gaines and other experts wouldn’t say the market is headed toward a crash, but rather that it’s returning to pre-pandemic inventory levels and sales numbers.Sign up for NBC DFW newslettersHomebuilders also saw a dramatic decline in sales that led them to
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