Dallas Area Residential Sales Report for August

Dallas Area Residential Sales Report for August

It’s still a sellers market!

Sales were up 9% as compared to the same time last year. The average sales price rose 7% while the median sales price increased 9%. Sales continue to be concentrated in the upper price ranges. As they have been for months now, sales below $190,000 are mostly double digit negative due to the extreme shortage of homes for sale in these price ranges.

For the past several years we have not seen the normal fall decline in sales. However this year may revert to the norm. Pending sales were flat. The pending sales number is a forward looking number and because of this it may be that we see the September sales down.

The number of new listings rose 8% and the active listings to a jump up of 13%. The months of inventory now stands at 2.5 months. With 6 months considered a balanced market even if we do see a slow down in sales we have a long way to go to reach a balanced market.

Sales: 11,253

Average Sales Price: $299,731

Median Sales Price: $250,000

Pending Sales: 10,068

New Listings: 12,457

Active Listings: 22,531

Information provided by The Real Estate Center

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