MetroTex Association of REALTORS releases real estate statistics for July 2016

The volume of homes sales in Park Cities 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 growth in sales prices. Unlike most areas in Dallas, Park Cities is fortunate to have enough inventory to be considered a balanced market.”

According to the report, 62 homes were sold in the Park Cities in July 2016, a decrease of 19.5 percent. The median price for Park Cities homes increased 24.4 percent year-over-year to $$1,150,880 during the same time frame.

Park Cities’ monthly housing inventory is estimated to be 6.6 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 63 days on the market in July 2016. There were 366 active listings for the Park Cities 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.