DFW home sales increase 7 percent, home prices rise further
MetroTex Association of REALTORS releases real estate statistics for June 2016
DFW home sales increased 7 percent to 10,857 sales in June while home prices continued to rise, according to the June 2016 DFW housing market report released today by the MetroTex Association of REALTORS.
“We were astounded last year to reach 10,000 sales in a month, and now it seems like that’s going to be what our summer market looks like for a while,” said Russell Berry, president of MetroTex. “Inventory levels haven’t changed significantly, even with a higher number of listings, indicating there is a lot of pent up demand in the market.”
According to the report, 10,857 homes were sold in North Texas in June 2106, a 7 percent increase from the year prior. The median price for DFW area homes increased 8 percent year-over-year to $237,500 during the same time frame.
North Texas’ monthly housing inventory was 2.4 months in June 2016. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 37 days on the market in June 2016. Additionally, there were 19,715 active listings for the North Texas housing market during the same time frame.
June 2016
- 10,857 – Homes sold, 7 percent more than June 2015.
- $237,500 – Median sales price for homes, 8 percent more than June 2015.
- $290,225 – Average sales price for homes, 5 percent more than June 2015.
- 2.4 – Monthly housing inventory* in June 2016.
- 37 – Average number of days homes spent on the market in June 2016.
- 19,715 – Active home listings on the market in June 2016.
With a growing economy, booming population and high quality of life, Texas is a great place to live, work and do business. As such, the demand for Texas real estate remains strong and enduring. Texas Realtors continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.
* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.
