Fort Worth Market Withstands Mortgage Rate Increases, Continues to Trend Up
Fort Worth, Texas (PRWEB) July 31, 2013 -- While many real estate markets nationwide saw home sales and values take a hit when mortgage rates spiked by about a full point in June, the hot Fort Worth home market just kept plugging away. Sure, there have been minor ups and downs over the past month, but overall, this market has held strong and continued its upward home value climb, and a recent report from Freddie Mac that mortgage rates are beginning to scale down a bit only serves as extra incentive for buyers and sellers alike to reap the rewards of this rich market.
Prudential Texas Properties reports that a July 22 market analysis from California-based real estate analytics tracker Altos Research saw the median home list price for Fort Worth homes at $152,500. That number is up from $140,000 in January of 2013, and also up about $20,000 per home from January of 2012. But maybe even more reassuringly, a look at the 90-day average for home sales throughout 2013 shows an upward climb that is going at about as consistent a clip as possible, pointing to extreme stability in the upward momentum of the market. As Altos notes in its Fort Worth report, “The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.”
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Adding to this bright outlook for the future of Fort Worth real estate, a recent article from The Washington Post cited Freddie Mac in saying that national mortgage rates are back on the decline, which should only further incentivize buyers in the flourishing Fort Worth home market. As Freddie Mac stated, “Mortgage rates eased for the second consecutive week, which should help to alleviate market concerns of a slowdown in the housing market.”
And while Fort Worth is firmly in the seller’s market zone with a market action index of 37.4, up 7.4 points from the line that separates a buyer’s and seller’s market, buyers should also be encouraged by the fact that Fort Worth home inventory rates have been on the rise. The 2,507 Fort Worth properties on the market for the week of July 22 is up 451 properties month-over-month, or 18 percent from when Altos reported 2,056 properties in its June 24 findings. This is a fantastic sign for buyers in a market where inventory rates have been trending downward all throughout the real estate boom.
“With Fort Worth home values holding strong while inventory rates rise, the added bonus of declining mortgage rates only points to an extremely healthy market for both buyers and sellers,” says DD Flynn, VP of Marketing with Prudential Texas Properties. “This new, booming Fort Worth market was given its first real test when mortgage rates rose, and so far it has passed with flying colors.”
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Rachel Rusnak, TRIBUS, 312.600.8809, [email protected]
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