Housing market strong in DFW in first half of year even as sales slowed in July

DFW home sales increased 6 percent to 58,865 sales in the first half of 2016, although July sales were down compared to last year, according to the July 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.

“The demand for housing is undoubtedly strong,” said Russell Berry, president of MetroTex. “While we didn’t sell quite as many houses this July as we did last year, we’re still seeing more than 10,000 sales per month in the busy summer market – something that was unprecedented before last year. But with shrinking inventory, it’s difficult to maintain that pace. I have no doubt that we could see continued growth if more housing were available.”

According to the report, 10,011 homes were sold in North Texas in July 2016, a 2 percent decrease from the year prior. The median price for DFW area homes increased 9 percent year-over-year to $230,000 during the same time frame.

North Texas’ monthly housing inventory remained at 2.4 months in July 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 36 days on the market in June 2016. There were 20,546 active listings for the North Texas housing market during the same time frame, a 4 percent drop.

July 2016

• 10,011 – Homes sold, 2 percent fewer than June 2015. 
• $230,000 – Median sales price for homes, 9 percent more than June 2015.
• $277,966 – Average sales price for homes, 5 percent more than June 2015.
• 2.4 – Monthly housing inventory in June 2016.
• 36 – Average number of days homes spent on the market in June 2016.
• 20,546 – Active home listings on the market in June 2016.

Market Snapshot at the end of the 2nd Quarter

• 58,865 – Homes sold, 6 percent more than first half of 2015.
• $16,113,575,977 – Total dollar volume of sales in North Texas in 2016, an 11 percent increase over first half of 2015.
• $222,640 – Median sales price for homes, 9 percent more than first half of 2015.
• $273,738 – Average sales price for homes, 5 percent more than first half of 2015.
• 43 – Average number of days homes spent on the market in first half of 2016, down 8 percent.
• 18,061 – Average monthly active home listings. Unchanged from 2015.

The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents 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.