North Texas home prices dropped for the fourth consecutive month in October as the local housing market returns closer to pre-pandemic conditions.
A “for sale” sign is displayed outside of a house in Carrollton. D-FW home prices were up 13.5% in October, according to the S&P CoreLogic Case-Shiller Index.North Texas home prices dropped for a fourth consecutive month in October as the local housing market inches closer to pre-pandemic conditions.
The Case-Shiller index is a three-month moving average that compares sales price changes of specific properties over time. While it is a couple of months behind current market conditions, the index’s price estimate is considered more accurate than home sales data from agents, which can be influenced by the type of properties that are selling each month.
U.S. home prices are now 3% lower than they were at their 2022 peak. Even with the volatility in the housing market, 2022′s national home price growth will be the second highest after 2021, according to CoreLogic. The local and national housing markets have seen a slump in buyer demand since the spring, largely due to dramatically higher mortgage rates compared with a year ago.
“As we enter 2023, housing market conditions will remain weak due to traditional seasonality and anemic consumer sentiment,” CoreLogic chief economist Selma Hepp said in a statement. “Nevertheless, lower mortgage rates are providing some much-needed affordability breather.
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