Dallas Area Residential Sales Report for May

No slowdown around here!

Sales of homes in the Dallas area continue to set records. In May sales were up 15%. The average sales price increased 8% while the median sales price rose 10%. Pending sales grew by 5%. We did see more homes listed for sale in May with the new listings number up 16%. This increase took the active listing to a 10% increase and the months of inventory moved to 2.4 months. While these increases in listings are certainly welcome by buyers, we are still well short of the 6 months that is considered a balanced market. The market is very tilted to favor the sellers.

Sales in the $100,000 to $199,999 range continue to decline as buyers just can not find homes to purchase in this range. The months of inventory remains around 1 month and an attractive property in this price range attracts many offers.

The price range of $200,000 to $399,999 has the most inventory (tho very low at around 2 months) and sales. 48% of all sales in May were in this range.

Sales above $500,000 performed well and for the year to date show double digit increases. Buyers have the advantage in these upper ranges with more than a 6 months supply to chose from.

Sales: 10,939

Average Sales Price: $311,235

Median Sales Price: $255,000

Pending Sales: 11,311

New Listings: 14,116

Active Listings: 14,116

Months of Inventory: 2.4

Information provided by the Real estate Center