Dallas Area Residential Sales Report for January

Dallas Area Residential Sales Report for January

Home prices continue to rise by double digits.

Sales were up 4% in January compared to last year. Pending sales however fell by 12%. The average sales price increased 17% while the median sales  price jumped 23%. buyers are having to move up in their price ranges to find a suitable home. Multiple offers above the list price are also contributing to the price increases. New listings were no help to the supply problem off by 11%. The number of new listings declined by 28%. The months of inventory now stands at 0.8 months. 6 months is considered a balanced market.

Sales: 7,243

Average Sales Price: 411,808

Median Sales Price: 350,000

Pending Sales: 8,792

New Listings: 7,965

Active Listings: 5,620

Months of Inventory: 0.8

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