Park Cities home sales increased in August, alongside rising regional sales figures in August, according to the August 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“August was an exceptionally busy month,” said Russell Berry, president of MetroTex. “We’re seeing strong increases in terms of number of sales and in dollar volume. Prices are up and inventory remains our biggest challenge. Park Cities is an outlier in the sense that there is more of a balanced market in that area today.”
According to the report, 10,860 homes were sold in North Texas in August, a 12 percent increase from the year prior. The median price for DFW area homes increased 10 percent year-over-year to $230,000 during the same time frame. Home sales in University Park increased 76.5 percent with 30 sales, while home sales in Highland Park decreased 50 percent to 8 sales.
Park Cities’s monthly housing inventory was an estimated at between 5.6 and 8 month’s supply in August. 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 between 59-101 days on the market in August. There were 255 active listings for the Park Cities housing market during the same time frame.
August 2016 in University Park
- 30 – Homes sold, up 76.5 percent from August 2015.
- $1,002,500 – Median sales price for homes, 3.9 percent higher than August 2015.
- $1,235,444 – Average sales price for homes, a 14.0 percent increase over August 2015.
- 59 – Average number of days homes spent on the market in August 2016.
- 5.6 – Monthly housing inventory in August 2016.
- 142 – Active home listings on the market in August 2016.
August 2016 in Highland Park
- 8 – Homes sold, down 8 percent from August 2015.
- $1,693,750 – Median sales price for homes, 72.6 percent lower than August 2015.
- $1,688,750 – Average sales price for homes, a 15.9 percent decrease over August 2015.
- 101 – Average number of days homes spent on the market in August 2016.
- 8.0 – Monthly housing inventory in August 2016.
- 113 – Active home listings on the market in August 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.