FALL HOUSING MARKET
Much like the ever-changing Texas weather, the Dallas-Fort Worth and N. Texas residential real estate market is beginning to cool off, with home sales down slightly from last year and prices growing at a somewhat slower pace.
Home sales in North Texas last month were down 13 percent from September 2017, while the average sale price increased approximately 4%.
In June, July and August, traditionally some of the hotter months for home sales, real estate agents sold slightly fewer homes than they did in the summer of 2017, according to the latest data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
“In general, there is a slowdown, and while short supply remains a major headwind, demand is basically still good”, according to James Gaines, chief economist at the Real Estate Center. Paige Shipp, with housing analyst Metro Study noted that the slowdown in home sales comes after a “long period of record sales and huge home price increases in North Texas. Median home resale prices in the area have increased almost 50% in the last five years.”
In September there was a 3.3 months’ supply of homes on the market, up 6.5% from September 2017, but still considered a “tight market”. The average time it took to sell a home was 43 days, up about 5% from September 2017.
Mary Frances Burleson, President & CEO of Ebby Halliday Companies