Dallas Market Report - September 2016

Posted October 2016

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed. New Listings were up in the North Texas region 1.3 percent to 11,332. Pending Sales decreased 10.2 percent to 7,662. Inventory shrank 9.1 percent to 25,005 units. Prices moved higher as Median Sales Price was up 12.5 percent to $225,000. Days on Market decreased 2.5 percent to 39. Months Supply of Inventory was down 12.5 percent to 2.8 months., indicating that demand increased relative to supply. In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the marke

September  2016: AT A GLANCE

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