Single-Family:

Sales in the Dallas area were up by 6% in May as compared to a year ago. The average sales price increased by 9% while the median sales price jumped by 14%. We continue to see the majority of the sales concentrated in the upper price ranges. Pending sales rose by 5%. The number of new listings was only down by 2% but the number of active listings dropped by 15%. The months of inventory now stands at 2.6 months.

As long as we continue to see around 130,000 people a year move into the Metroplex, we will continue the current trend.

Sales: 9,484

Average Sales Price: $271,676

Median Sales Price: $ 215,000

Pending Sales: 8,643

New Listings: 12,257

Active Listings: 18,491

Months of Inventory: 2.6

Condos and townhomes:

Condo sales were off by 1% in May. The average sales price was up by 2% and the median sales price was up by 3%. Pending sales rose 6%. The new listings fell 2% while the active listings tumbled downward by 19%. The months of inventory is now at 2.3 months.

Sales: 621

Average Sales Price: $224,734

Median Sales Price: $170,000

Pending Sales: 557

New Listings: 740

Active listings: 1,145

Months of Inventory: 2.3

Rentals:

Rentals declined by 2%. The average rent increased by 8% while the median rent climbed by 7%.

Pending leases jumped by 146%. The new listings dropped by 4% and the active listings by 1%.

Rentals: 3,098

Average Rent: $1,650

Median Rent: $1,500

Pending Rentals: 1,901

New Listings: 3,516

Active Rentals: 3,021

Information provided by The Real Estate Center at Texas A&M.