MetroTex Association of REALTORS releases real estate statistics for June 2016
Farmers Branch home sales decreased in June and home prices continued to increase with high demand, according to the June 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“Homes are selling very quickly in Farmers Branch and buyers are finding that sales prices are rising with the high demand,” said Russell Berry, president of MetroTex. “Available inventory is simply too low for the level of demand.”
According to the report, 23 homes were sold in Farmers Branch in June 2106, down 17.9 percent compared to the year prior. The median price for Farmers Branch area homes increased 3.4 percent year-over-year to $190,450 during the same time frame.
Farmers Branch’s monthly home inventory was 1.8 months in June 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 22 days on the market in June 2016. Additionally, there were 48 active listings for the Farmers Branch housing market during the same time frame.
- 48 – Homes sold, down 17.9 percent from June 2015.
- $190,450 – Median sales price for homes, 3.4 percent higher than June 2015.
- $219,295 – Average sales price for homes, 1.8 percent higher than June 2015.
- 22 – Average number of days homes spent on the market in June 2016.
- 1.8 – Monthly housing inventory* in June 2016.
- 48 – Active home listings on the market in June 2016.
With a growing economy, booming population and high quality of life, Texas is a great place to live, work and do business. As such, the demand for Texas real estate remains strong and enduring. Texas Realtors continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing 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.
* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.