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. 🐇 🐇 🐇
