Dallas Market Report - August 2017
Posted September 2017
August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes. New Listings were up in the North Texas region 7.4 percent to 13,612. Pending Sales decreased 9.1 percent to 9,083. Inventory grew 6.0 percent to 27,898 units. Prices moved higher as Median Sales Price was up 9.6 percent to $250,000. Days on Market increased 2.7 percent to 38. Months Supply of Inventory was up 3.4 percent to 3.0 months., indicating that supply increased relative to demand. The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.