North Texas housing sales are a major driving force behind the entire Texas market. Fully one third of all houses sold last month were in the region. In terms of dollar volume, the region accounted for more than 35 percent of Texas’ sales. Records set only last year are being shattered as the market heats up for spring, according to the market report released today by the MetroTex Association of REALTORS.
“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, 6,909 homes were sold in North Texas in February, a 5 percent increase from 2016. The dollar volume of sales in the region increased 19 percent year-over-year to $1.98 billion. The average price in February was $285,940 up 13 percent from last year.
North Texas’ monthly housing inventory remained at 2.7 months in February, with a sharp divide in inventory in homes priced below $500,000. There was 2.2 months of inventory of homes priced below that mark, and 9.6 months of inventory in more expensive homes. 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 48 days on the market in February. There were 16,690 active listings for the North Texas housing market during the same time frame, a 1 percent drop.
- 6,909 Homes sold, 5 percent higher than February 2016.
- $235,000 Median sales price for homes, 13 percent more than February 2016.
- $285,940 Average sales price for homes, a 13 percent increase over February 2016.
- 2.7 Monthly housing inventory in February 2017, up from 2.0 months in the previous year.
- 48 Average number of days homes spent on the market in February 2017.
- 16,690 Active home listings on the market in February 2017, a 1 percent drop.
- $124 Average price per square foot for a single family home, up 12 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.