October sales set fall record

MetroTex Association of REALTORS releases real estate statistics for October 2016

North Texas has never seen an October housing market like the one in 2016, according to a monthly housing market report released today by the MetroTex Association of REALTORS.

“October in North Texas usually means a slowing real estate market,” said Russell Berry, president of MetroTex. “This year, October meant setting new record highs both in terms of number of homes sold and in dollar volume. While we have calmed down a bit from the summer frenzy, we’re still setting records. In fact, this is the first year on record to have 8 consecutive months with over $2 billion in sales.”

According to the report, 8,418 homes were sold in North Texas in October, an 8 percent increase from the year prior. The dollar volume in sales in North Texas increased 20 percent year-over-year to $2,336,171,778. The average price in October 2016 was $277,521 up 11 percent from last year.

North Texas’ monthly housing inventory fell to 2.2 months in October. 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 42 days on the market in October. There were 19,326 active listings for the North Texas housing market during the same time frame, a 5 percent drop.

September 2016

  • 8,418 – Homes sold, 8 percent higher than October 2015.
  • $225,000 Median sales price for homes, 13 percent more than October 2015.
  • $277,521 Average sales price for homes, an 11 percent increase over October 2015.
  • 2.2 – Monthly housing inventory in October 2016.
  • 42 – Average number of days homes spent on the market in October 2016.
  • 19,326 – Active home listings on the market in October 2016.
  • $121 – Average price per square foot, up 10 percent year-over-year.

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.

 

Prices and sales volume continue rising trend in third quarter

Prices and sales volume continued to tick upward during the third quarter of 2016 in North Texas, according to a monthly housing market report released today by the MetroTex Association of REALTORS.

“September sales were on pace with a busy third quarter,” said Russell Berry, president of MetroTex. “With the market showing no signs of slowing, we are expecting a strong finish to the end of the year. It’s amazing to think that the average price is up nearly 45 percent from just five years ago.”

According to the report, 9,537 homes were sold in North Texas in August, an 11 percent increase from the year prior. The median price for DFW area homes increased 12 percent year-over-year to $225,000 during the same time frame. The average price in September 2016 was $277,440 compared to $192,039 in September 2011.

North Texas’ monthly housing inventory remained at 2.3 months in September. 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 39 days on the market in September. There were 20,054 active listings for the North Texas housing market during the same time frame, a 3 percent drop.

September 2016

  • 9,537 – Homes sold, 11 percent higher than September 2015.

  • $225,000 Median sales price for homes, 12 percent more than September 2015.

  • $277,440 Average sales price for homes, a 10 percent increase over September 2015.

  • 2.3 – Monthly housing inventory in September 2016.

  • 39 – Average number of days homes spent on the market in September 2016.

  • 20,054 – Active home listings on the market in Septmber 2016.

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.

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.

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. 

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.