Market Statistics - October 2024

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To help determine what’s happening locally from month to month in addition to Year-Over-Year (YOY), I’ve included indicator arrows with each number. These are neither good nor bad. It only indicates a higher or lower number than last month.

Most reported areas remain Sellers’ Markets with less than six months of housing inventory. Gunter and Van Alstyne remain Buyers’ Markets while inventory is being depleted. Van Alstyne also has the highest year-over-year (YOY) inventory increase at 106.5% and Gunter has the lowest at -2.8%. Most other markets are below 80% YOY. Dallas and Denton counties had YOY inventory increases while Collin County had a slight decrease. Nonetheless, all are around 50% higher than last year.

McKinney has the most Active homes at 985 while Gunter has the fewest at nine. Gunter had the highest Median List price and Median Sold Price. Frisco has the highest Median Price Per Square Foot (PSF) at $247 PSF. Anna and Van Alstyne have the most affordable Median PSF listings in the reporting area at $190 PSF.

Dallas County’s days on market increased to 27 while Collin and Denton counties have both hit 35. Dallas County has the lowest median price per square foot this month at $205 while Collin and Denton counties are at $211 and $210 PSF. Dallas County has the most Active properties with 7,202. All three reported counties have a median closed percentage of the original listed price greater than 96%. Plano got the highest median percentage of original price at 97.9% while Van Alstyne reported a surprising 89.3%. Plano also has the lowest reported median days on market at 19 days.

The Fed dropped the Federal Funds Rate on 18 Sept. 2024 by a half point. It’s the first time they lowered rates since 16 March 2020. Additionally, the Fed indicated there would be another rate reduction around December if the economy could handle it.

This action affects the interest rates banks charge each other to borrow funds overnight. It has a knock-on effect on credit cards, car loans and mortgage rates. However, they aren’t directly connected.

Instead, bond investors purchase mortgage-backed securities in anticipation of the actual action. This happened in July. They have also already factored in the anticipated December cut. Interest rates are down 1% from last year.

Housing in general is still several million homes short of demand. Affordability is the sticking point. Meanwhile, housing inventory currently exists locally yet is on a cyclical downturn until the end of the year. In short, now is the best time for home Buyers (and investors) to check with their lenders and find homes while there are still options.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212 (call or text)
DFWmark@kw.com
DFWmark.com

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