July 2024 Quick Facts
Market Overview

Current as of August 8, 2024. Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. All data from North Texas Real Estate Information Systems, Inc.

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a
seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all
four regions, according to the National Association of REALTORS® (NAR). Higher
mortgage rates, along with rising sales prices, have kept many prospective buyers
on the sidelines, despite more home choices and less competition for those homes.
New Listings in the North Texas region were up 12.9 percent to 16,366. Pending
Sales decreased 11.1 percent to 9,011. Inventory grew 35.0 percent to 41,000 units.
Prices moved lower as Median Sales Price was down 1.3 percent to $380,000. Days
on Market increased 17.1 percent to 48. Months Supply of Inventory was up 40.6
percent to 4.5, indicating that supply increased relative to demand.
Home prices have maintained their upward trend across much of the country, even
as sales slow and inventory improves. According to NAR, the national median
existing-home sales price climbed 4.1% year-over-year to $426,900 as of last
measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month over-month to 1.32 million units heading into July, the highest level since 2020, for a
4.1-month supply at the current sales pace.