Dallas Market Report - June 2016
Posted July 2016
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings were up in the North Texas region 1.5 percent to 14,023. Pending Sales decreased 14.2 percent to 9,062. Inventory shrank 3.9 percent to 24,776 units. Prices moved higher as Median Sales Price was up 8.8 percent to $236,000. Days on Market decreased 40.3 percent to 37. Months Supply of Inventory was down 9.7 percent to 2.8 months., indicating that demand increased relative to supply.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.