Dallas Area Residential Sales Report for August

Dallas Area Residential Sales Report for August

There is no doubt that the Dallas area market is softening. Overall sales in the market declined 1% but a number of the north Dallas suburbs fared much worse! I will be reporting on these cities over the next several week, so check back in to find what's going on. Pending sales were down 2% as compared to last year at this time so September is not looking so good.

The average sales price rose 5% while the median sales price climbed 4%. Prices have been moderating this year and we are seeing a substantial number of price reduction coming across as sales slow. If you need to sell your house in a reasonable amount of time then pricing is critical. Over price your home and it will just sit there.

New listings increased 3% and the active listings climbed 15%. The months of inventory now stands at 2.8 months. This is still very tilted to the seller side.

Information provided by The Real Estate Center.