Dallas Market Report - July 2017
Posted August 2017
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller's market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase. New Listings were up in the North Texas region 2.9 percent to 14,245. Pending Sales decreased 6.6 percent to 9,533. Inventory grew 5.2 percent to 27,969 units. Prices moved higher as Median Sales Price was up 9.2 percent to $250,000. Days on Market decreased 2.8 percent to 35. Months Supply of Inventory was up 3.4 percent to 3.0 months., indicating that supply increased relative to demand. Although the unemployment rate remains unchanged at its favorable national 4.4 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.