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. 

REALTOR Call to Action

The United States Senate is missing an opportunity to improve housing markets across the country, and we need your help to tell them to get to work and make homeownership a priority!

Take action now to urge your Senators to pass H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016,” a bill that makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal-assisted housing programs and Rural Housing Service loan programs.

This legislation provides significant benefits to taxpayers, homebuyers and the real estate market by:
1) Removing a burdensome and expensive FHA Condo approval process
2) Reducing FHA restrictions on the number of condos available to homebuyers
3) Permanently streamlining Rural Housing Service loan processing


Bottom Line: This bill makes buying a condo A LOT easier by expanding opportunities for first-time homebuyers and streamlining rural housing programs for low-income rental residents. Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.
The House of Representatives passed this bill unanimously with a bipartisan vote of 427-0 and now we need the Senate to act!


Even if your business model is not based on Condominium or Rural Housing Service transactions, all REALTORS need to band together on this Call for Action. Although it may not affect you directly, the next one could very well be of critical importance to your business. Please support your REALTOR family by responding to this important Call for Action!
 
4 easy ways that Realtors can follow important issues that affect their business and respond to Calls for Action
1. Email:  NAR sent you an email.  It takes just 2 clicks to respond.
2. Web: If you didn’t get the email, you can respond at WWW.TexasRealEstate.com/Action
3. There’s an APP for that: The REALTOR® Action Center mobile app is now available for download for the iPhone and DROID. Simply search for NAR Action Center in their respective app markets.  
4. Text: To stay informed about upcoming calls for action alerts via text message, sign up for the REALTOR®Party Mobile alerts program below or text the word REALTOR to 30644

Number of Available Homes Dwindling in Busy Market

DALLAS – In an ever-tightening housing market, it’s the average homebuyer that’s really feeling the pinch. 


“Inventory of mid-priced homes is extremely low,” said Russell Berry, president of the MetroTex Association of Realtors. “We’re looking at mere weeks of inventory, rather than a few months’ worth that would be available in a more balanced market. This situation is great for sellers because there is a lot of demand, but buyers will probably have to be a little patient to get into a home.”


The biggest market segment in North Texas is for homes priced between $100,000 and $300,000. That price bracket has about 1.1 months of inventory. There is much more availability in higher priced homes, with nearly four months of inventory for homes priced above $300,000.  All of these inventory numbers do indicate that North Texas is still a strong sellers’ market; however the higher price points are seeing a very welcome, if slight, increase in available homes.


“Properties are coming to market at a brisk pace,” continued Berry. “They are leaving the market just as quickly with the number of days on market down 12% over last year.”
According to the monthly MLS report released by the MetroTex Association of REALTORS today, prices are still on the rise, and sales dollar volume is rising quickly. Highlights of the report include:
•    There were 9,978 sales of single family homes in Dallas-Fort Worth in May, a 10% increase over May 2015.
•    The average price per square foot for single family homes in the area is $123, a 7% increase.
•    The average sales price in DFW in February was $289,377, a 7% increase over last year (and an all time high). 
•    There are 10,730 homes under contract and waiting to close. 
•    Houses are selling in an average of 38 days.
•    Most homes sell for 98.4% of list price when sold through a MetroTex Realtor.
•    There is approximately 2.3 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market. 


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.

 

Housing Market off to Strong Start for the 2nd Quarter

More than 9000 homes were sold in April in North Texas, further boosting an already bustling housing market.

“The second quarter is shaping up to be very exciting for North Texas,” said Russell Berry, president of the MetroTex Association of Realtors. “Especially when you consider the sales records already set in the first part of the year.”

“While houses aren’t staying on the market for long, there is a lot of turnover,” Berry continued. “We saw a 15% increase in the number of sales over last April and with nearly 18,000 homes on the market we can expect the strong sales figures to continue well into the year.”

Prices do continue to rise as the demand for housing continues to be strong. Most cities in North Texas saw price increases in all types of housing and in the price of land, according to a report released by the MetroTex Association of REALTORS today. Highlights of the report include:

  • There were 9,178 sales of single family homes in Dallas-Fort Worth in April, a 15% increase over April 2015.
  • The average price per square foot for single family homes in the area is $119, a 5% increase.
  • The average sales price in DFW in February was $274,368, a 4% increase over last year.
  • There are 10,210 homes under contract and waiting to close.
  • There were 11,958 new listings in the area, a 2% decrease from February 2015.
  • Houses are selling in an average of 41 days.
  • Most homes sell for 98.3% of list price when sold through a MetroTex Realtor.
  • There is approximately 2.4 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

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.

MetroTex Candidate Endorsements

The MetroTex Association of REALTORS actively supports candidates for office who have demonstrated knowledge and concern about housing in North Texas. Because our area is experiencing both tremendous growth and a burgeoning housing market, we need local leaders who understand the impact of key decisions on housing in their communities.  As you are no doubt aware, Dallas-Fort Worth is expecting a continuation of the enormous population boom for several more years. MetroTex maintains that it is critical for local governments to plan for the future by understanding homeowners’ concerns and to bolster homeownership in the area. Supporting those efforts is the Association’s top priority this election season. Through the candidate interview process with MetroTex, our endorsed candidates clearly showed a command of issues critical to sustaining our economy, as well as the needs and challenges our fast-growing area faces.

On May 7, 2016, Texas voters will go to the polls to elect candidates in local mayoral and city council races.  Early voting will be held Monday, April 25 – Tuesday, May 3, 2016.  During the early voting period, you may vote at any early voting location in the county in which you are registered.   For exact dates, times and early voting locations, please visit the website of the county in which you are registered. On Election Day, you must vote at the location that has been assigned to your precinct. Your polling place location number can be found on your voter’s registration card.  Polling places will be open from 7:00 a.m. – 7:00 p.m.   Election Day precinct polling places will be published in the Dallas Morning News and the Fort Worth Star-Telegram.

The following candidates have received Support of MetroTex Association of REALTORS® for the May 7, 2016 Municipal Election: 

Fast-Paced March Home Sales Signal Growing Market this Spring

The normally busy spring market came roaring into March and bore no signs of slowing any time soon.

“The robust market in Dallas-Fort Worth is stronger than ever,” said Russell Berry, president of the MetroTex Association of Realtors.

“Sales were up nearly 13% over last year. The turnover in homes is incredible,” said Berry. “We saw nearly 8,500 closed sales in the area in March. To put that in perspective, the Houston area closed about 6,600.”

The burgeoning Dallas-Fort Worth market is selling homes more quickly, too, according to the monthly market report released by MetroTex. Highlights of the report include:

  • Houses are closing in an average of 42 days, down from 53 days in March 2015.
  • There were 8,474 sales of single family homes in Dallas-Fort Worth in February, a 12.9% increase over March 2015.
  • The average price per square foot for single family homes in the area was $116, a 7.4% increase.
  • The average sales price in DFW in March was $276,577, a 5.1% increase over last year.
  • There are 7,827 homes under contract and waiting to close.
  • There were 11,144 new listings in the area, a 7.8% increase from March 2015.
  • Most homes sell for 98% of list price when sold through a MetroTex Realtor.
  • There is approximately 1.9 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

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.