The Dallas Fort Worth market is still seeing solid growth and that continues to show this month. There is some good news and bad news mixed in so let’s get into it.
This month mortgage rates are less than ideal they are a not on the higher side but they aren’t ideal if you’re in the market to buy. Another note is these rates look to be staying the rates have remained stable at this point. So if you’re hoping to get a better rate to wait it out a little bit as the fed is expected to reduce rates.
Some good news is that the Fed is expected to cut policy rates at next weeks meeting. The current speculation is between the 0.25% and 0.5% rating. Keep in mind the fed doesn’t control mortgage rates directly but a cut in policy rates can lead to mortgage rates being lower overall.
There are still worries of an economic slow down on a global scale but the stock market has remained strong due to strong corporate earnings and the cheap borrowing rates. Whether this will remain though is a bit more difficult to say.
There was a 1.7% decrease in home sales last month which was to be expected. There is currently a bit of a housing shortage where there aren’t many homes on the market to be sold.
A bit of good news though is that newly constructed single-family homes saw an increase of 4.5%. This is a growing trend and should continue and showup in stats for the end of this month (July).
The market is overall stable there is a mix of good news and bad news once the fed decreases the rate we will have a better idea if the market is going to see more growth or not!