MetroTex Association of REALTORS releases real estate statistics for June 2016
Garland home sales decreased in June while home prices continued to rise, according to the June 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“The number of homes sold in Garland in June was lower than last year, and prices are still on the rise,” said Russell Berry, president of MetroTex. “Inventory levels are extremely low, so when houses do become available they are selling quickly and for top dollar, generally speaking.”
According to the report, 218 homes were sold in Garland in June 2106, down 5.6 percent as the year prior. The median price for Garland area homes increased 14.8 percent year-over-year to $178,000 during the same time frame.
Garland’s monthly housing inventory was 1.1 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 24 days on the market in June 2016. Additionally, there were 217 active listings for the Garland housing market during the same time frame.
- 218 – Homes sold, down 5.6 percent from June 2015.
- $178,000 – Median sales price for homes, 14.8 percent more than June 2015.
- $196,298 – Average sales price for homes, 12.1 percent more than June 2015.
- 24 – Average number of days homes spent on the market in June 2016.
- 1.1 – Monthly housing inventory* in June 2016.
- 217 – 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.