Dallas weekly real estate update

Purposes for mortgages reached a 22-year low, as charges rose and the variety of house gross sales fell, in response to the Mortgage Bankers Affiliation weekly survey.

“The acquisition market has suffered from persistently low housing stock and the leap in mortgage charges over the previous two months,” Joel Kan, an economist with the Mortgage Bankers Affiliation, stated in a press release. “These worsening affordability challenges have been significantly exhausting on potential first-time patrons.”

The demand for mortgages to purchase a house fell 7% final week and was 21% decrease in comparison with one yr in the past.

The common rate of interest on a 30-year fixed-rate mortgage rose to five.40% from 5.33%. For a 15-year fixed-rate mortgage, the typical price elevated to 4.62 % from 4.59%.

Mortgage refinancing dropped 6% for the week and was 75% decrease than a yr earlier.

“Whereas charges have been nonetheless decrease than they have been 4 weeks in the past, they remained excessive sufficient to nonetheless suppress refinance exercise,” Kan stated.

The Federal Reserve meets subsequent week and will announce a brand new improve for its primary borrowing price. On Thursday, Freddie Mac, the mortgage purchaser, reported a 30-year price of 5.23%. The common price had not risen above 5% in over a decade earlier than April 2022.

That will help you keep present in the marketplace, ZeroDown compiled a weekly actual property market report in Dallas, TX metro space utilizing knowledge from Redfin. Statistics are as of the 4 weeks ending June 5, 2022. Metros with greater than 50 properties bought throughout this time interval have been thought-about for metro-level rankings for every statistic.

Median gross sales value

Dallas, TX metro space:
– Median gross sales value: $467,455
– One-year change: +24.0%

Metros with highest median gross sales value
#1. San Francisco, CA metro space: $1.7 million
#2. San Jose, CA metro space: $1.5 million
#3. Santa Cruz, CA metro space: $1.2 million

Metros with lowest median gross sales value
#1. Weirton, WV metro space: $109,188
#2. Davenport, IA metro space: $126,625
#3. Cumberland, MD metro space: $127,888

Median gross sales value per sq. foot

Dallas, TX metro space:
– Median gross sales value per sq. foot: $219
– One-year change: +26.7%

Metros with highest median gross sales value per sq. foot
#1. San Francisco, CA metro space: $1,121
#2. Kahului, HI metro space: $943
#3. San Jose, CA metro space: $939

Metros with lowest median gross sales value per sq. foot
#1. Davenport, IA metro space: $87
#2. Carbondale, IL metro space: $88
#3. Peoria, IL metro space: $89

Gross sales to record value ratio

Dallas, TX metro space:
– Common gross sales to record value ratio: 1.06
– One-year change: +0.02

Metros with highest gross sales to record value ratio
#1. Rochester, NY metro space: 1.15
#2. San Francisco, CA metro space: 1.12
#3. Oakland, CA metro space: 1.12

Metros with lowest gross sales to record value ratio
#1. Lake Charles, LA metro space: 0.92
#2. Weirton, WV metro space: 0.95
#3. Carbondale, IL metro space: 0.97

Properties bought with value drops

Dallas, TX metro space:
– Properties bought with value drops: 8.3%
– One-year change: -1.2%

Metros with most properties bought with value drops
#1. The Villages, FL metro space: 28.1%
#2. New York, NY metro space: 26.2%
#3. Grants Cross, OR metro space: 25.7%

Metros with least properties bought with value drop
#1. Brownsville, TX metro space: 0.0%
#2. Columbia, MO metro space: 0.0%
#3. Jefferson Metropolis, MO metro space: 0.0%

Off market in two weeks

Dallas, TX metro space:
– Off market in two weeks: nan%
– One-year change: +nan%

Metros with essentially the most properties off market in two weeks
#1. Rochester, NY metro space: 87.7%
#2. Kalamazoo, MI metro space: 82.8%
#3. Wichita, KS metro space: 82.7%

Metros with the least properties off market in two weeks
#1. City Honolulu, HI metro space: 2.2%
#2. Oshkosh, WI metro space: 3.3%
#3. Appleton, WI metro space: 4.0%

Months of provide

Dallas, TX metro space:
– Months of provide: 6.3 months
– One-year change: +0.5 months

Metros with essentially the most months of provide
#1. Lake Charles, LA metro space: 273.9 months
#2. Brownsville, TX metro space: 37.1 months
#3. Atlantic Metropolis, NJ metro space: 20.3 months

Metros with least months of provide
#1. Lewiston, ME metro space: 2.9 months
#2. Portland, ME metro space: 3.1 months
#3. Wichita, KS metro space: 3.7 months

This story initially appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.