MetroTex Association of REALTORS releases real estate statistics for June 2016
Lake Highlands/Lakewood area home sales decreased in June and home prices decreased slightly with demand starting to level off, according to the June 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“The number of homes sold in Lake Highlands/Lakewood area decreased compared to last year. Sales prices decreased slightly, and the market is getting closer to balancing,” said Russell Berry, president of MetroTex.
According to the report, 285 homes were sold in Lake Highlands/Lakewood area in June 2016, down 3.4 percent as the year prior. The median price for Lake Highlands/Lakewood area homes decreased 1.2 percent year-over-year to $335,000 during the same time frame.
Lake Highlands/Lakewood area’s monthly housing inventory was 2.3 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 30 days on the market in June 2016. Additionally, there were 584 active listings for the Lake Highlands/Lakewood area housing market during the same time frame.
- 285 – Homes sold, down 3.4 percent from June 2015.
- $335,000 – Median sales price for homes, 1.2 percent lower than June 2015.
- $393,732 – Average sales price for homes, 4.5 percent higher than June 2015.
- 30 – Average number of days homes spent on the market in June 2016.
- 2.3 – Monthly housing inventory* in June 2016.
- 584 – 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.