Dallas Area Residential Sales Report for March
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
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