Dallas Area Residential Sales Report for July
The July numbers are in and are better than expected. After being down 3% in June, July sales bounced back and came in up 6%. I do have to warn you that a number of the Northers Suburbs did not fair as well. I will be reporting on these suburbs as the month goes on so check back.
The average sales price rose 5% as compared to last July. The median sales price was up 6%.
Pending sales were a different story down 3%. The number of new listings increased 4% while the active listings climbed 12%. The months of inventory now stands at 2.8 months. This is well short of the 6 months considered a balanced market.
Sales below $200,000 continue to struggle due to the shortage of inventory. The sweet spot remains the sales between $200,000 to 399,999. This price range represents 53.4% of all sales and has about a 2.5 month supply of homes for sale. The market tilts to the buyers side once you climb above the $600,000 price.
Average Sales Price: $319,744
Median Sales Price: $265,000
Pending Sales: 10,509
New Listings: 13,721
Active Listings: 25,449
Months of Inventory: 2.8
Information provided by The Real Estate Center
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