August 2023 Housing Report
Housing inventory continued its upward climb in August in Fort Worth. With 2.4 months of inventory, the number of houses on the market was at its highest so far in 2023, giving potential homebuyers more options.
The Texas Real Estate Research Center at Texas A&M University states that 6.5 months of inventory would represent a balanced market, so 2.4 months is still low. If homebuyers are fortunate enough to find a property that meets their needs, their next hurdles are usually tied to affordability.
The median home price in Fort Worth in August was $335,000 and in Tarrant County was $351,561. Both numbers are down year over year by 4.3 percent and 3.7 percent respectively, but in combination with mortgage rates above 7 percent – which hit a multidecade high in August – monthly mortgage payments have gone up significantly from a year ago.
“Until mortgage rates start to come down, buyers are going to continue to be limited in their price range and therefore their options,” said Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®. “Home sellers are also feeling restricted, as they consider swapping a loan with a low rate for a much higher one.”
Despite these challenges, 35 percent of homes are selling for more than their asking price due to a limited number of homes on the market according to Dr. Jessica Lautz, deputy chief economist at the National Association of REALTORS®. Multiple offer situations are still coming up when the right home hits the market.
In Fort Worth, closed sales have consistently been down year over year throughout 2023. The total of 2,187 closed sales in Tarrant County in August was down almost 10 percent from 2022. In Fort Worth, that number is down 4 percent.
“Until the Fed makes the right decision on the Fed Funds rate, buyers will continue to see higher homebuying costs,” said Dr. Lautz. “These higher rates will continue to exacerbate housing inequality and limit the number of first-time and minority buyers.”
August 2023 Fort Worth Statistics At-A-Glance
- 1,071 - Homes sold in August 2023, 4.1 percent less than August 2022
- $335,000 - Median price in August 2023, 4.3 percent less than August 2022
- 2.4 - Monthly housing inventory in August 2023, 0.3 months more than August 2022
- 36 - Average number of days homes spent on the market in August 2023, 15 days more than August 2022
- 33 - Average number of days to close in August 2023
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