Since last week, New Listings have increased while Properties Under Contract, Pending and Sold have decreased. However, the market remains inverted with 474 more leaving than entering this week.
The lease market saw a massive spike in New Listings (see graph) and an increase in Properties Leased while Pending was flat. The number of properties arriving on the lease market shattered the months-long log jam with 139 more houses arriving than departing this week.
The increase likely results from the eviction moratorium ending. The eviction process takes a little while on its own. Then, high repair prices and a low number of skilled trade workers to prepare properties probably caused the delay.
The arrival of former lease homes to both markets could have a short-term flattening effect on prices. Anecdotally, the preowned market prices along the Dallas North Tollway areas of Collin and Denton counties are still going strong and trending upward while mortgage rates remain low.
I’ve Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
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