In an ever-tightening housing market, it’s the average homebuyer that’s really feeling the pinch. Luxury homebuyers are finding a more balanced market, even as prices are on the rise.

“Inventory of mid-priced homes is extremely low,” said Russell Berry, president of the MetroTex Association of Realtors. “We’re looking at mere weeks of inventory, rather than a few months’ worth that would be available in a more balanced market. This situation is great for sellers because there is a lot of demand, but buyers will probably have to be a little patient to get into a home.”

The biggest market segment in North Texas is for homes priced between $100,000 and $300,000. That price bracket has about 1.1 months of inventory. There is much more availability in higher priced homes, with five months of inventory or more for homes priced above $1M. All of these inventory numbers do indicate that North Texas is still a strong sellers’ market; however the higher price points are seeing a very welcome, if slight, increase in available homes.

“Properties are coming to market at a brisk pace,” continued Berry. “They are leaving the market just as quickly with the number of days on market down 12% over last year.”

According to the monthly MLS report released by the MetroTex Association of REALTORS today, prices are still on the rise, and sales dollar volume is rising quickly. Highlights of the report include:

• There were 23 sales of single family homes in Highland Park in May, a 21.1% increase over May 2015. In University Park, there were 32 sales in May.
• The average price per square foot for single family homes in the Highland Park is $491, a 14.6% increase. In University Park, the average price per square foot was $386, up 8.2%
• The average sales price in Highland Park in May was $2,180,896, a 24.3% increase over last year. In University Park, the average sales price was $1,654,172.
• There are 9 homes under contract and waiting to close in Highland Park and 20 in University Park.
• Houses are selling in an average of 66 days in Highland Park, and in 41 days in University Park.
• Most homes in the Park Cities sell for 95% of list price when sold through a MetroTex Realtor.
• There is approximately 10.5 months inventory in the Highland Park and 5.8 months in University Park. More than 6 months inventory is considered a buyer’s market.

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.