Numbers show slowing in housing market

By Richard Greene | Published Saturday, September 22, 2018

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Real estate inventory and the days on the market for homes in Wise County continued to grow in August.

According to the August housing report from the Greater Denton/Wise County Association of Realtors, the months of inventory grew to 4 months. It was the sixth straight month for the inventory to increase after dropping to 2.8 months in March. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

The months of inventory was at 3.8 months in July. The months of inventory was also at 4 months in August 2017.

More new inventory will be on the way soon. Wise County Engineer Chad Davis said 3,700 homes are on the drawing board around Newark, New Fairview, Rhome and Boyd. That is in addition to the several lots being developed east of Decatur.

The number of active listings grew to 305 from 289 in July.

The average days on the market increased to 58 days from 43 in July. Homes continue to close in 38 days, meaning the total days is at 96 on the market is 96.

Local real estate agent Michelle Gregoire said the market has slowed down in the county.

“I have houses that are taking 38 to 44 days that this time last year were selling in 15 days,” she said.

Gregoire said higher taxes due to higher appraisals have played a role.

Interest rates are also climbing steadily. Freddie Mac reported Thursday that 30-year fixed mortgage rate jumped to an average of 4.65 percent this week from 4.6 percent last week. A year ago, rates were at 3.83.

Closed sales in Wise County dropped from 98 in July to 87 in August. Of the 87 sales, the median price was $247,000 – $8,000 below July. The median price was 10.3 percent ahead of August 2017.

Houses between $200,000 and $299,999 represented 34.9 percent of sales. Homes between $100,000 and $199,999 made up 25.3 percent of the market.

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