Dallas Market Report - July 2016

Posted August 2016

 Even as prices rise in many communities, homes are selling faster no w than the y have in the past several years. This creates a situation where buyers need t o move fast in order to secure homes, and they may have to pa y more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to bu y a desirable and reasonably priced home once they sell. New Listings were down in the North Texas region 9.4 percent to 13,778. Pending Sales decreased 19.0 percent to 8,820. Inventory shrank 6.2 percent to 25,926 units. Prices moved higher as Median Sales Price was up 9.5 percent to $229,900. Days on Market decreased 7.7 percent to 36. Months Supply of Inventory was down 9.4 percent to 2.9 months, indicating that demand increased relative to supply. Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year's closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.