The Dallas Area Residential Sales Report for July

Over the last few weeks there have been several articles suggesting that the real estate market has been slowing down in July. I have previously posted some of the articles on this site. I want my readers to be as informed as possible about the current state of the real estate market.

I can not speak to what is happening in other areas of the country, but I can tell you that there is no slowdown in the Dallas area market nor will there be in August.

Single-Family:

Sales were up a strong 14% in July. The average sales price increased by 7% while the median sales price was up by 9%. We continue to see very few sales in the lower price ranges.

Pending sales jumped a whopping 38% which means that August will be a really good month. We did see an very nice increase of 16% in the new  listings however, the active listings declined by 6%. Until we see increasing numbers of active listings prices will continue to rise.

Sales: 10,719

Average Sales Price: $266,194

Median Sales Price: $212,000

New Listings: 10,902

Active Listings: 21,496

Pending Sales: 10,902

Months of Inventory: 2.7

Condos and Townhouses:

Condo and townhouse sales were up even more that single-family coming in with an increase of 23%. The average sales price increased by 13% and the median price by 14%. The number of new listings rose by 6% but the active listings fell by 17%. The months of inventory now stands at 2,2 months.

Sales: 690

Average Sales Price: $235,212

Median Sales Price: $188,000

New Listings: 798

Active Listings: 1,200

Months of Inventory: 2.2 months

Leases:

Leasing activity increases by 8% in July. The average rent was up by 4% and the median rent by 3%. The new listings increases by 3%. The active listings decreased by 6%. The new listings rose by 3% but the new listings fell by 6%. The months of Inventory is less than 1 month. In this market it is harder to find a property to lease than it is to find one to buy.

Leases: 3,539

Average Rent: $1,639

Median Rent: $1,500

New Listings: 4,251

Active Listings: 3,396

Pending Leases: 2,215

Information provided by The Real Estate Center at Texas A&M.