MetroTex Association of REALTORS releases real estate statistics for July 2016

Oak Lawn home prices 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. “Oak Lawn is different from many areas in the Dallas area in that condos and townhomes are more commonly sold that single family housing. In Oak Lawn in particular, we’re starting to see inventory levels increasing just a bit. For the condo/townhome market in Oak Lawn, we might be seeing a slight trend toward a more balanced market.”

According to the report, 138 homes were sold in Oak Lawn in July 2016, an increase of 10.4 percent. The median price for Oak Lawn homes decreased 1.7 percent year-over-year to $290,000 during the same time frame.

Oak Lawn’s monthly housing inventory is estimated to be 2.7 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 283 active listings for the Oak Lawn housing market during the same time frame.

July 2016

• 138 – Homes sold, up 10.4 percent from July 2015.
• $290,000 – Median sales price for homes, 1.7 percent lower than July 2015.
• $349.971 – Average sales price for homes, a 15.7 percent decrease.
• 2.7 – Monthly housing inventory estimate.        
• 34 – Average number of days homes spent on the market in July 2016.
• 283– 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.