Lake Highlands/NE Dallas Residential Sales Report for August

Single-Family:

Sales were up  a strong 20% in August. The average sales price rose by 11% as did the median sales price as compared to a year ago. Pending sales jumped 30% so we can anticipate good sales numbers in September. the number of new listings increased by 35% and the active listings by 7%. It's good to have some additional inventory but this increase only caused the months of inventory to 2.3 months. Still a very short supply.

Sales: 77
Average Sales Price: $337,638
Median Sales Price: $329,000
Pending Sales: 69
New Listings: 97
Active Listings: 149
Months of Inventory: 2.3

Leases:

Leasing activity increased by 31%. The average rent dropped 11% and the median rent fell by 19%. It looks like there was an abnormal of small condos that leased and this pulled the averages down.
Pending leases declined by 6%. The number of new listings had a sharp increase of 33% and this caused a small increase of 4% in the active listings. The months of inventory now stands at 1.9 months.

Leases: 34
Average Rent: $1,248
Median Rent: $1,100
Pending Leases: 15
New Listings: 56
Active Listings: 55
Months of Inventory: 1.9

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