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.
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