Dallas Area Residential Sales Report for June

Well it finally happened! Home sales in the Dallas area fell. Sales declined 3%. Pending sales did show a small increase of 1%. Don’t know if that will translate in to positive sales in July. The average sales price rose 7% as did the median sales price. The number of new listings rose 6%. Active listings increased 12%. The months of inventory now stands at 2.9 months. This is still way short of the 6 months considered a balanced market.

Sales in the $200,000 to $399,999 range continue to be the sweet spot and account for 52.5 % of all sales. Sales under $200,000 remain in negative territory due to the extreme shortage on inventory.

Sales above $500,000 are weakening and the months of inventory are greater that 6 months. It’s a buyer market above $500,000.

Information provided by the Real Estate Center

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