The volume of homes sales in Lancaster increased again in year-over-year comparisons, 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. “We’re still seeing record-high sales and strong demand in the busy summer. But with low inventory levels, it’s difficult to maintain a pattern of high growth in every category. The demand in Lancaster is a good demonstration of how important it is to maintain healthy levels of housing stock for hard-working families.”
According to the report, 30 homes were sold in Lancaster in July 2016, an increase of 36.4 percent. The median price for Lancaster homes increased 3.0 percent year-over-year to $133,950 during the same time frame.
Lancaster’s monthly housing inventory is estimated to be 1.7 months in July 2016, indicating a sellers’ market. 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 34 days on the market in July 2016. There were 57 active listings for the Lancaster housing market during the same time frame.
July 2016
- 30 – Homes sold, up 36.4 percent from July 2015.
- $133,950 – Median sales price for homes, 3.0 percent higher than July 2015.
- $126,362 – Average sales price for homes, an 5.0 percent increase.
- 1.7 – Monthly housing inventory estimate.
- 34 – Average number of days homes spent on the market in July 2016.
- 57 – Active home listings on the market in July 2016.
Year-to-Date Market Snapshot
- 244 – Homes sold, a 29.8 percent increase from the same timeframe in 2015.
- $31,345,234 – Total dollar volume of sales in Lancaster, a 39.8 percent increase over 2015.
- $134,000 – Median sales price for homes, a 7 percent increase.
- $128,464 – Average sales price for homes, a 7.8 percent increase.
- 45 – Average number of days homes spent on the market.
- 51 – Average monthly active home listings.
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.