This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

In Dallas, home prices rose 5% year over year and dipped 0.9% month over month.

The most expensive new listing in Texas is a record-breaking property.

The supply of new homes for sale ticked lower from February, according to government figures.

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.    

The Texas housing market may have finally calmed from the pandemic housing frenzy, according to the Texas REALTORS®’ 2022 Texas Real Estate Year in Review report.

The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022. 

In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report. 

The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 5.8% year-over-year in December, compared to a 7.6% gain in November.

The 8.1% month-over-month increase in the National Association of REALTORS® Pending Home Sales Index was the largest gain since June 2020. 

The median sales price of a new home declined on both a monthly and yearly basis, however, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.        

Curious about luxury inventory in Texas? These homes are the most expensive new listings currently for sale in the Lone Star State.

The 30-year fixed-rate mortgage averaged 6.32% as of Feb. 16, up from 6.12% a week before and 3.92% a year earlier.