Dallas Area Residential Sales Report for March

Dallas Area Residential Sales Report for March

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The sales numbers being reported today are contracts interned into in January and February. We will not begin to see the effect of the COVID-19 virus until the April sales come out.

Home sales were up 4% in March compared to last March. The average sales price increased 4% and the median sales price was also up 4%. Pending sales declined 10%. That’s the first indication of what we might expect in April. New listings fell 9% while active listings dropped 10%. The months of inventory came in at 2.7 months.

Sales in the $200,000 to $400,000 bracket continue to be the hot spot in the market representing 57.6% of all sales. Home sales under $199,999 remain negative due to the shortage of homes for sales in this range. Sales in the $500,000 to one million range will experience difficulty as many lenders have stopped making jumbo loans.

Information provided by The Real Estate Center

#homesforsale #Dallas #RealEstateDallas

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