Dallas Area Residential Sales Report for June
The real story of June is not the 16% increase in sales as compared to last June or the 28% rise in pending sales. It’s not even the 2% climb of the average sales price or the 3% increase in the median sales price. It’s the 8% decline in the number of new listings and the 36% drop in the active listings. Buyers will be having a very hard time finding that dream home with these low inventory numbers. and this will effect future sales!
Buyers continue to want homes in the $200,000 to $400,000 range but because of the shortage of supply we are starting to see them moving up to the $400,000 to $499,999 range. 6 months is considered a balanced market. The months of inventory now stands at 2 months. The only price point above the 6 months is $1,000,000 plus.
Average Sales Price: $340,938
Median Sales Price: $285,000
Pending Sales: 14,379
New Listings: 13,191
Active Listings: 17,222
Months of Inventory: 2