MetroTex Association of REALTORS releases real estate statistics for July 2016
The volume of homes sales in North Dallas 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. North Dallas differs from most of the rest of the Metroplex in that inventory levels are approaching a balance between the number of available houses and buyers. Much of that is likely due to the median price point being quite a bit higher than average for the Dallas-Ft Worth area.”
According to the report, 50 homes were sold in North Dallas in July 2016, a decrease of 29.6 percent. The median price for North Dallas homes decreased 5.3 percent year-over-year to $703,800 during the same time frame.
North Dallas’s monthly housing inventory is estimated to be 6.3 months in July 2016, indicating a continued trend toward a balanced 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 70 days on the market in July 2016. There were 341 active listings for the North Dallas housing market during the same time frame.
- 50 – Homes sold, down 29.6 percent from July 2015.
- $703,800 – Median sales price for homes, 5.3 percent lower than July 2015.
- $868,001 – Average sales price for homes, a 16.4 percent decrease.
- 6.3 – Monthly housing inventory estimate.
- 70 – Average number of days homes spent on the market in July 2016.
- 341 – 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.