Dallas Area Residential Sales Report for July
Sales fell but prices continue to rise!
Well the sales of North Texas homes fell 17% in July and pending sales dropped 12%.What Happened? Some buyers just decided that prices got to high and others were priced out of the market. Then there were some that got tired of making offers just to get beat out. This does not mean that we are going to see price declines. There are still more buyers than sellers and people are still moving into North Texas and they need housing. Price declines start when there are more sellers that buyers and we are along way from that. The current months supply is 1.2 months. 6 months is considered a balanced market.
The average sales price and the median sales price were both up 20%. New listings did rise 7%, but the number of active listings came in 31% below last July.
Average Sales Price: $423,363
Median Sales Price: 349,000
Pending Sales: 11,833
New Listings: 14,480
Active Listings 11.105
Month of Inventory: 1.2 months
Information provided by The Texas Real Estate Center
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