North Texas has never seen an October housing market like the one in 2016, according to a monthly housing market report released today by the MetroTex Association of REALTORS.
“October in North Texas usually means a slowing real estate market,” said Russell Berry, president of MetroTex. “This year, October meant setting new record highs both in terms of number of homes sold and in dollar volume. While we have calmed down a bit from the summer frenzy, we’re still setting records. In fact, this is the first year on record to have 8 consecutive months with over $2 billion in sales. In Lancaster, prices just keep rising.”
According to the report, 34 homes were sold in Lancaster in October, a 9.7 percent increase from the year prior. The dollar volume in sales in Lancaster increased 43.4 percent year-over-year to $5,189,360. The average price in October 2016 was $152,628 up 30.8 percent from last year.
Lancaster's monthly housing inventory was 1.4 months in October. 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 32 days on the market in October. There were 50 active listings for the Lancaster housing market during the same time frame.
- 34 – Homes sold, 9.7 percent higher than October 2015.
- $159,000 – Median sales price for homes, 33.1 percent more than October 2015.
- $152,628 – Average sales price for homes, a 30.8 percent increase over October 2015.
- 32 – Average number of days homes spent on the market in October 2016.
- 1.4 – Monthly housing inventory in October 2016.
- 50 – Active home listings on the market in October 2016.
- $78 – Average price per square foot, up 12.7 percent year-over-year.
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.