MetroTex Association of REALTORS releases real estate statistics for July 2016
The volume of homes sales in Lake Highlands fell 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. “While prices were slightly lower in July, we’re still seeing strong demand in the busy summer. Lake Highlands was one of only a handful of areas in Dallas that saw a decrease in sales price. Inventory levels remain low, so it becomes difficult to see increases to keep setting sales records without a larger volume of available homes.”
According to the report, 212 homes were sold in Lake Highlands in July 2016, a decrease of 17 percent. The median price for Lake Highlands homes decreased 2.9 percent year-over-year to $339,900 during the same time frame.
Lake Highlands’s monthly housing inventory is estimated to be 2.2 months, 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 28 days on the market in July 2016. There were 457 active listings for the Lake Highlands housing market during the same time frame.
- 212 – Homes sold, down 17 percent from July 2015.
- $339,900– Median sales price for homes, 2.9 percent lower than July 2015.
- $381,956 – Average sales price for homes, a 7.3 percent decrease.
- 2.2 – Monthly housing inventory estimate.
- 28 – Average number of days homes spent on the market in July 2016.
- 457 – Active home listings on the market in July 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.