Dallas, TX Residential Sales Report for August

Single-Family:

Sales were up a strong 13% in August as compared to a year ago. The average sales price rose 8% while the median sales price climbed by 9%. About 40% of the sales are concentrated in the price ranges between $200,000 to $399,999 and 14% are above $400,000. The market below $159,999 experienced declining sales numbers. There is high demand for these lower priced homes but there is very little inventory.
Pending sales jumped by 50% so we can be sure that the September sales number will be strong. The number of new listings increased 13%. However, this increase did not help the supply. The active listings fell by 4% and the months of inventory stands at 2.6 months.

Sales: 10,223
Average Sales Price: $262,413
Median Sales Price: $210,000
Pending Sales: 9,748
New Listings: 11,616
Active listings: 21,270
Months of Inventory: 2.6

Condos and Townhouses:

Condo and townhouse sales jumped by 22% in August. The average sales price increased by 8% while the median sales price shot up by 20%. Same pattern we have been seeing, the sales are in the upper price ranges. Pending sales increased by 45%. New listings were up by 2%. Active listings fell by 18%. The months of inventory is now 2.1 months.

Sales: 662
Average Sales Price: $217,741
Median Sales Price: $184,950
Pending Sales: 611
New Listings: 702
Active Listings: 1,173
Months of Inventory: 2.1

Rentals:

Leases rose by 29%. The average sales price increased by 6% and the median sales price climbed by 7%. Pending leases were up a strong 20%. New listings barely moved up 1% and the active listings fell 10%. Tuff to fins a good rental.

Leases: 3,370
Average Rent: $1,667
Median Rent: $1,550
Pending Leases: 1,835
New Listings: 3,790
Active Listings: 3,620

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