New construction increases can’t Slow Price Increases in Dallas County

A booming new construction market is making an impact in Dallas County, but inventory remains low and rapid price increases continue to be a factor. New construction added nearly 129 new homes in February to the Dallas County supply of homes. However, median prices increased nearly 17 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, 1,634 homes were sold in Dallas County in February, a 6.5 percent decrease from 2016. The dollar volume of sales in the region increased 13.2 percent year-over-year to nearly $538 million. The average price in February was $328,979 up 21.1 percent from last year.

North Texas’ monthly housing inventory was 2.0 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 39 days on the market in February. There were 4,159 active listings for the Dallas County housing market.

February 2017

1,634     Homes sold, 6.5 percent lower than February 2016.

$220,000    Median sales price for homes, 16.6 percent more than February 2016.

$328,979     Average sales price for homes, a 21.1 percent increase over February 2016.

2.0       Monthly housing inventory in February 2017.

39        Average number of days homes spent on the market in February 2017.

·4,159    Active home listings on the market in February 2017.

·$144     Average price per square foot for a single family home, up 12.5 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.