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DALTX Real Estate > Suburbs > How Does Your County Rank in the MetroTex May Housing Report?
Suburbs

How Does Your County Rank in the MetroTex May Housing Report?

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For-sale
MetroTex Association of Realtors released its May housing report with expected results.

We knew it was coming. Agents will say it’s a seasonal trend, but it also came at the hint of mortgage rates increasing.

According to the MetroTex Association of Realtors’ May housing report, home inventory is increasing across North Texas as more homebuyers are priced out of the market because of rising prices.

The data lags a month behind the Federal Reserve raising its interest rates by three-quarters of a percentage point — its biggest hike since 1994 — but it’s bound to be a factor.

“The entry-level market has been particularly affected by declines for housing affordability and builders are adopting a more cautious stance as demand softens with higher mortgage rates,” National Association of Home Builders chairman Jerry Konter told CNBC.

Also, in a seasonal move, more sellers are simply listing their homes to take advantage of the market.

For-sale

As expected, Collin County continues to be the hotbed among the larger counties tracked by MetroTex. Besides existing homes, Collin County has seen accelerated growth in developments popping up in Celina, McKinney, Plano, Prosper, and Frisco.

According to MetroTex, the median price for a home, including condos and townhomes, in Collin County has increased 32.4 year-over-year. Active listings are up 17.6 percent from 2021, and months of inventory stand at 1.2 months compared with 0.9 last year.

The median price of a Dallas County home is $400,000, up 23.1 percent from a year ago. In Denton County, the median price is $500,000, an increase of 26.6 percent. In Tarrant County, the median price was $377,993, up 23.9 percent.

In North Texas, the number of active listings rose 26.2 percent year-over-year in May with 53,764 homes on the market. The median home price also grew 20.6 percent from a year ago to $362,200.

CountyMedian Price
% rise/fall from 2021
Active
listings
Days
on Market
Inventory
(months)
Collin$578,516 | 🔺32.4% 🔺17.6%501.2
Dallas$400,000 | 🔺23.1%🔻13.9%461.1
Denton$500,000 | 🔺26.6% 🔺36.4%551.2
Ellis$419,250 | 🔺23.4%🔺74.3%761.6
Grayson$315,000 | 🔺24.8%🔺61.7%662.0
Hopkins$252,000 | 🔺16.7%🔺23.9%592.2
Hunt$308,000 | 🔺29.4%🔺75.2%781.9
Johnson$380,000 | 🔺22.6% 🔺80.2%611.7
Kaufman$361,000 | 🔺22.7%🔺70.3%811.7
Navarro$240,000 | 🔺24.2%🔺29.3%622.3
Rockwall$315,000 | 🔺24.8%🔺61.7%662.0
Stephens$157,000 | 🔺48.2%🔺27.3%624.3
Tarrant$377,993 | 🔺23.9%🔺10.5%491.0
Van Zandt$258,500 | 🔻5.7%🔺47.1%542.5
Wise$388,900 | 🔺34.1%🔻61.9%622.0

In Texas overall, housing sales continued to grow, increasing by 3.4 percent in the first quarter, according to the Texas Housing Insight released June 9 by the Texas Real Estate Research Center. The state’s median home price rose for the 15th consecutive month, increasing 4.9 percent from the first quarter of 2021 to a record-breaking $335,000 in March.

All this comes while sentiment among the nation’s homebuilders fell for the sixth consecutive month to the lowest level since June 2020, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

“Six consecutive monthly declines for the [Housing Market Index] is a clear sign of a slowing housing market in a high-inflation, slow-growth economic environment,” Konter told CNBC.

📎 North Texas Real Estate Information System monthly MLS summary report | May 2022

What is MetroTex Association of Realtors? MetroTex provides current and relevant monthly and annual market reports with the support of the Real Estate Center at Texas A&M University. Texas A&M Housing statistics are based on listing data from over 50 MLS (Multiple Listing Service) systems in Texas.

Report review: MetroTex lists its data in chunky-style graphics that are easy to follow. Also, MetroTex provides a link to the North Texas Real Estate Information System’s monthly MLS summary report — which is a deep dive. It’s a four-bunny rabbit hole. 🐇 🐇 🐇 🐇

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MetroTex Announces Winners of Inaugural 40 Under 40 Awards
As North Texas Real Estate Market Sees Home Prices Surge 22 Percent
TAGGED:Median Sales PricesMetroTex Association of RealtorsNorth Texas Market Trends
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