Denton’s real estate market offered a little bit for everyone in August. Home sales jumped 30% as buyers took advantage of the temporary dip in summer mortgage rates and better inventory options. The temporary boost to affordability in the city of Denton was short-lived, however. Pending sales fell 14% in August compared with last year. It was the fourth consecutive month of sliding contracts, a leading indicator of future closings and activity.
Nominal Denton home prices remained near record highs with the median home price at $410,000. If you look behind the curtain, Denton home prices are still falling. Median price per square foot peaked in May, and it has continued to fall. Denton’s generally more affordable prices have helped to cushion the fall in nominal prices as the North Texas market goes into correction mode.