The situation has some economists wondering whether the housing market will enter a recession.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
A closely watched housing metric is on the rise in the Dallas-Fort Worth Metroplex and recently reached a high that hasn’t been seen since the wake of the Great Recession.
In June, DFW clocked 4.83 months of housing inventory, according to multiple listing service data cobbled together by the Texas Real Estate Research Center at Texas A&M. That was up nearly 38% from January, when inventory was at 3.51 months.
The last time inventory was this high was June 2012, when it reached 4.97 months. Supply had been elevated following the housing market crash and ensuing 2008 financial crisis — inventory peaked at 7.6 months in May 2011.
Even as inventory creeps higher in DFW, home prices continue to rise, driven in part by inflation. In June, the median home price in DFW hit $403,000. In July 2012, it was $168,000.