BY STEVE BROWN Dallas Morning News Real Estate Editor
Dallas-Fort Worth’s super hot housing market may have hit the ceiling. North Texas home sales were down by 2 percent in July from 2015 levels. It was the first year-over-year dip in pre-owned home sales in almost two years. {{more: Read more …}}
And pending sales for August indicate another slight drop in sales may be in the works. Read the full story at Dallas Morning News
decline in sales didn?t cool prices …
The median price of single-family homes sold by North Texas real estate agents was up 9 percent from July 2015, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
but home purchases remain at near-record levels …
During the first seven months of 2016, real estate agents have sold 58,865 single-family homes in the almost two dozen counties included in the monthly numbers. Year-to-date home sales in North Texas are up 6 percent from last year?s record.
And median home sale prices so far in 2016 are 9 percent higher than in the first seven months of last year.
With home supplies remaining tight ? especially houses priced below $200,000 ? buyers are having a harder time finding properties they can afford.prices up 40% over the last 5 years …
North Texas home prices have increased by more than 40 percent in the last five years and are 50 percent higher than where they were at the peak of the last housing boom in 2007.
The inventory of homes for sale with real estate agents in North Texas is more than twice as high for properties above $400,000 compared with houses priced below $250,000.
average 36 days on the market …
It only took 36 days on average for houses to sell in July ? the lowest days on market on record for North Texas.
More of the story at Dallas Morning News
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