Dallas Area Residential Real Estate Report for June
Sales just keep marching on!
Sales remain strong despite high prices and rising interest rates. Sales were up 13% as compared to the same time last year. The average sales price climbed 8% as did the median sales price. Pending sales rose 4%. We did see a nice increase of 11% in the number of new listings and the active listings were up a like 11%. The months of inventory now stands at 2.6 months. With 6 months being considered a balances market, we are still very much in a sellers market.
It’s very difficult to find anything below $200,000 that does not need a lot of work and sales are actually negative due to the extreme shortage of available homes.
Demand and sales in the $200,000 to $399,999 range remain brisk. This category also represents 40% of all the listings and 48.3% of all sales.
Inventory is starting to build in the price rages of %500,000 to $799,999. Months of inventory is in the 5 month area and is getting close to a balanced market.
It’s still a buyers market above $1,000,000 with the months of inventory at 10.2 months.
Average Sales Price: $312,999
Median Sales Price: $256,000
Pending Sales: 10,906
New Listings: 14,389
Active Listings: 21,979
Months of Inventory: 2.6
Information provided by The Real Estate Center