Dallas Area Residential Real Estate Report for June

Dallas Area Residential Real Estate Report for June

Sales just keep marching on!

Sales remain strong despite high prices and rising interest rates. Sales were up 13% as compared to the same time last year. The average sales price climbed 8% as did the median sales price. Pending sales rose 4%. We did see a nice increase of 11% in the number of new listings and the active listings were up a like 11%. The months of inventory now stands at 2.6 months. With 6 months being considered a balances market, we are still very much in a sellers market.

It's very difficult to find anything below $200,000 that does not need a lot of work and sales are actually negative due to the extreme shortage of available homes.

Demand and sales in the $200,000 to $399,999 range remain brisk. This category also represents 40% of all the listings and 48.3% of all sales.

Inventory is starting to build in the price rages of %500,000 to $799,999. Months of inventory is in the 5 month area and is getting close to a balanced market.

It's still a buyers market above $1,000,000 with the months of inventory at 10.2 months.

Sales: 11,638

Average Sales Price: $312,999

Median Sales Price: $256,000

Pending Sales: 10,906

New Listings: 14,389

Active Listings: 21,979

Months of Inventory: 2.6

Information provided by The Real Estate Center