Dallas recorded the second-highest quantity of home sales in the U.S. in April, according to the latest RE/MAX National Housing Report.

Home sales increased by 7.4% in Dallas last month, with 8,444 homes sold compared to 7,865 in April 2023. The only metro area with more home sales was Chicago, where 8,772 homes were sold.

“Buyers and sellers have not yet seen the rate cuts in 2024 that everyone was talking about in the previous quarters, but we keep hearing market experts say that they do expect some rate cuts later this year. Regardless, home prices here in Dallas-Fort Worth demonstrate that many buyers have grown to accept these elevated interest rates as housing demand remains strong,” Todd Luong, an agent with RE/MAX DFW Associates, said in the report.

Dallas also ranked as the No. 2 metro in the country for new listings. Realtors added 13,319 properties to the MLS in April, a 30.9% increase year over year. Meanwhile, total active inventory increased by 49.4%, while the median home sale price rose 1.5% to $405,000.

“Compared to a couple of years ago, we are definitely seeing a slightly more balanced market, as homebuyers now have a much greater supply of inventory to pick from,” Luong added. “But more importantly, buyers are facing far less competition than before and bidding wars are no longer the norm.”