Dallas/Fort Worth, Texas – Based on the most recent estimate from HomesUSA.com, the Dallas-Fort Worth (DFW) housing market had a slow November with stagnate new house sales and somewhat declining prices. From 1,870 in October to 1,872 in November, the three-month average of new house sales in the area edged up by just two homes. In one of Texas’s most expensive housing markets, the average new home price reduced by $4,500 to $481,505, a minor but noticeable change.
DFW’s new home market remained the priciest in the state despite little month-to-month fluctuations; it kept its lead over the Austin metro region, which it passed earlier this year. New home sales in DFW jumped by more than 16% on a year-over-year basis, a welcome development within otherwise slow monthly performance.
The numbers behind the Dallas-Fort Worth real estate rate
Ben Caballero, founder and CEO of HomesUSA.com, pointed to declining mortgage rates as a key factor driving the annual increase in sales.
“Declining mortgage rates helped, and more mortgage rate improvements would go a long way to improve new home sales next year,” Caballero said in the Texas New Home Sales Report, released Dec. 23, WFAA reported.
Freddie Mac reports that, in mid-November 2024, mortgage rates for a 30-year fixed loan averaged 6.78% down from 7.44% during the same period in 2023. Although still somewhat expensive when compared to pre-pandemic levels, this drop would have helped consumers struggling with affordability issues in a market like DFW some respite.
How the Texas real estate market performed in general
The difficulties faced in DFW fit a larger pattern influencing Texas’s main home markets. Average new home prices in November dropped generally. From $397,646 in October, Houston’s average price dropped to $390,486; Austin’s prices fell to $476,803 from $480,178. From $ 339,296, San Antonio, the most affordable of the big markets, dropped its average price to $337,718. In DFW, the average dropped over 1% year over year; in Austin, 5%; in Houston, 2%; in San Antonio, 7%.
Houston keeps leading the state in new home sales volume, surpassing DFW month-wise for every month in 2024. Houston’s three-month average sales in November came out to be 2,014 homes, while DFW’s was 1,872. San Antonio also grew; sales in October climbed to 1,065 from 1,049. Austin was the outlier, with a decline in sales to 841 from 856 the previous month.
Texas real estate market trends and future indicators
Usually a slower month for new home sales, November showed faster sales pace in DFW as properties spent an average of 116.4 days on the market—down from 121.3 days in October. But a major sign of future activity, pending sales, dropped somewhat to 2,190 from 2,249 in October. Pending sales in DFW continued to be 15% higher than in November 2023 although a monthly decline.
The seasonal character of the property market is also highlighted in the HomesUSA.com study, which compiles multiple listing service (MLS) statistics from Realtor groups in North Texas, Houston, Austin, and San Antonio. Many buyers and merchants cease their activity in November, the start of the holiday season, which helps to explain the slower pace.
What’s ahead in 2025 for the Dallas-Fort Worth housing market
The November performance of the DFW housing market shows a complicated interaction of elements including seasonal trends, changing mortgage rates, and affordability issues. Although the area leads the state in property values, its sales volume behind Houston’s, highlighting the competitive dynamics among Texas’s main metros.
Further developments in mortgage rates will be crucial for Caballero’s favorable perspective of 2024, which might give the market much-needed momentum. With consistent year-over-year increase acting as a silver lining in an otherwise quiet November, DFW’s housing market currently tells a story of perseverance in the face of economic challenges.
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