Dallas-Forth Worth homes sell in less than 3 months

Data: Redfin; Note: Reflects how long it would theoretically take for every home on sale to sell in current conditions; Chart: Axios Visuals

Dallas-Fort Worth's housing supply remains tight but has returned to pre-pandemic levels.

Why it matters: Housing supply has a big impact on affordability .

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Zoom in: It takes less than three months to sell a house in D-FW, about the same length of time it took in mid-2019.

• In 2022, houses were selling in less than a month, driving up prices and limiting options for prospective buyers.

The big picture: The housing market is considered balanced when supply meets the six-month level. Nationally, this hasn't happened since 2012.

• "The market is fundamentally unbalanced," because the U.S. is short an estimated 3.8 million homes, Redfin chief economist Daryl Fairweather tells Axios.

Zoom out: Austin had a two-month housing supply in May 2019. This May, Austin's supply was up to 4.2 months.

• In San Antonio, the housing supply was 2.8 months in May 2019. It's now up to 4 months.

Fun fact: Dallas-area residents who want to leave the region are most likely to move to Phoenix — leaving one hot climate for an even hotter climate.

• Otherwise, they're most likely to head to Austin or Houston, per Redfin .

What's next: If mortgage rates fall, demand will surge and supply will continue to deplete, per Redfin experts.