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DALTX Real Estate > Zillow Research > Zillow Confirms What We Already Knew: Our Mortgage Costs More Than Last Year
Zillow Research

Zillow Confirms What We Already Knew: Our Mortgage Costs More Than Last Year

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Dallas-Fort Worth residents are paying $638 more on their monthly mortgage compared to last year.

Dallas-Fort Worth residents are paying $638 more on a monthly mortgage payment compared to a year ago, according to Zillow’s April 2022 Market Report.

Buyer demand has been strong enough to keep the market moving at a record pace, even after a massive spike in mortgage rates, Zillow’s report showed.

Year-over-year home value growth set a record for the 13th consecutive month in April.

Here are the numbers:

  • Home value — Dallas-area: $381,089, an increase of 30.1 percent year over year. Nationally: $344,141, which is 20.9 percent higher than a year ago. 📊 Table.
  • Monthly house payment — Dallas-area: $1,633 (assuming a 30-year mortgage). Nationally: $1,475. 📊 Table.
  • For-sale inventory — Dallas-area: -30 percent. Nationally: -19.5 percent. 📊 Table.
  • Rent — Dallas-area: 17.9 percent. Nationally: 16.4 percent. 📊 Table.

Zillow’s home value forecast calls for 11.6 percent growth through April 2023, down from a year-ahead forecast of 14.9 percent made in March.

Zillow’s forecast for existing home sales also has been lowered, now predicting 5.73 million sales in 2022. That would mark a 6.4 percent decrease from 2021.

Spiking mortgage rates, inventory gains, and lower-than-expected pending home sales and mortgage application data drove the downward revision, according to Zillow.

Report review: Zillow neatly aligns its April 2022 Market Report into tables that are easy to search. Three bunnies down the rabbit hole. 🐇 🐇 🐇

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TAGGED:Dallas real estate newsDallas-Fort WorthZillow
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