The projected year-over-year change in home sale transactions in the Dallas-Fort Worth-Arlington region is 3.1%.

Downsizing from a four-bedroom home to a two-bedroom home in the Dallas area would save the typical homeowner nearly $246,000.

The 44th edition of the in-depth forecast report examined 80 cities to determine trends in the real estate industry for 2023.

The price index dropped in Dallas, too, declining 0.42% from June to July. Year over year, the Dallas home price index is up 16.36%.

The National Association of REALTORS® expects existing-home sales to close 2022 15.2% lower compared to 2021, thanks to economic uncertainty and rising mortgage rates. 

Sales of new homes in the U.S. jumped 28.8% between July and August, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

The median existing-home price for all housing types in August was $389,500, a 7.7% rise from the year before. 

New-home construction posted a 12.2% month-over-month increase in August, thanks in large part to a significant jump in multifamily building.  

A continuing combination of increased interest rates, supply-chain disruptions and high home prices has sapped homebuilder sentiment every month this year. 

Norada noted Dallas’ strong economy and renters market.

Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

The share of homes listed for more than 30 days has increased 42.9% in Dallas and 43.4% in Fort Worth in the last year, according to Redfin.

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.