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MetroTex Association of REALTORS releases real estate statistics for July 2016

 

The volume of homes sales in Oak Cliff declined 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 we didn’t sell as many houses this July than we did last year, we’re still seeing strong demand in the busy summer. But with low inventory levels, it’s difficult to maintain a pattern of high growth in every category. I have no doubt that we could see continued growth if more housing were available.”

According to the report, 98 homes were sold in Oak Cliff in July 2016, a decrease of 3.6 percent. The median price for Oak Cliff homes in North Oak Cliff increased 31.9 percent year-over-year to $178,000 during the same time frame. In South Oak Cliff, the median price increased 7.6 percent.

Oak Cliff’s monthly housing inventory is estimated to be between 1.5 and 2.0 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 30 days on the market in July 2016. There were 230 active listings for the Oak Cliff housing market during the same time frame.

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.

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