Single-Family:

Sales were down by 14% in July. I would not read much in this because the pending sales number jumped by 31%. It looks like that some of the sales just got delayed and will show up in August.

The average sales price increased by 13% while the median sales price was up by 16%. As we have seen in previous months, there are very few sales under $200,000 and the market is skewed to the upper price ranges.

New listings climbed by 25% and the active listings by 8%. The months of inventory rose to 1.4 months. It looks like we are finally starting to see people putting their houses on the market. If this continues, we can anticipate price increases start to moderate.

Sales: 118

Average Sales Price: $247,874

Median Sales Price: $233,000

Pending Sales: 132

New Listings: 183

Active Listings: 138

Months of Inventory: 1.4

Leases:

Leases were up by 28% in July. The average rent increased by 9% and the median rent jumped by 14%. As in single-family, these increases are partially caused by more leasing activity in the upper price ranges. Pending leases climbed by 429%. The number of new listings fell by 16% and the active listings by 38%. The months of inventory dropped to 1.2 months. It is pretty had to fins a property to lease in Richardson.

Leases: 68

Average Rent: $1,539

Median Rent: 1,600

Pending Leases: 37

New Listings: 64

Active Listings: 46

Months of Inventory: 1.2

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