New construction declines, Prices Increase in Tarrant County
Inventory remains low and rapid price increases continue to be a factor in the Tarrant County housing market. New construction added 155 new homes in February to the Tarrant County supply of homes, a drop of 8.8 percent. Meanwhile, median prices increased nearly 15.4 percent, according to the market report released today by the MetroTex Association of REALTORS.
“Across the region, we’re still seeing a severe lack of inventory in homes priced below $500,000,” said James Martin, president of MetroTex. “That pressure is driving sales prices higher and higher. Fortunately, new construction rates are up significantly over last year. We’re lucky enough to have a robust and dynamic economy right now. It keeps our region at the top of the Texas market and it’s bringing a lot of people into the area.”
According to the report, 1,801 homes were sold in Tarrant County in February, a 1.2 percent increase from 2016. The dollar volume of sales in the county increased 14.4 percent year-over-year to over $463 million. The average price in February was $257,233 up 13.0 percent from last year.
North Texas’ monthly housing inventory was 1.6 months in February. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 41 days on the market in February. There were 3,640 active listings for the Tarrant County housing market.
- 1,801 Homes sold, 1.2 percent higher than February 2016.
- $210,000 Median sales price for homes, 15.4 percent more than February 2016.
- $257,233 Average sales price for homes, a 13.0 percent increase over February 2016.
- 2.0 Monthly housing inventory in February 2017.
- 41 Average number of days homes spent on the market in February 2017.
- 3,640 Active home listings on the market in February 2017.
- $111 Average price per square foot for a single family home, up 12.2 percent year-over-year.
Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.