Dallas inventory continued to expand last month as high mortgage rates and prices sidelined buyers, according to the latest housing report from the MetroTex Association of REALTORS®.
Active listings increased by 8.7% year over year, with 22,586 properties on the market in October. This allowed inventory to grow to a 3-month supply, up from 2.9 months in September and 2.4 months in October 2022.
Closings fell 6.1%, with 6,673 properties sold during the month.
Meanwhile, the median price dropped 1.3% year over year to $390,000. Month over month, that’s a decline of about $5,000.
The typical Dallas home spent a total of 76 days on the market last month — 44 days on market, plus 32 days to close.