Has Dallas-Fort Worth’s hot housing market finally hit the ceiling?
via Dallas Morning News:
North Texas home sales were down by 2 percent in July from 2015 levels. It was the first year-over-year dip in preowned home sales in almost two years.
And pending sales for August indicate another slight drop in sales may be in the works.
The decline in sales last month didn’t put cool prices.
The median price of single-family homes sold by North Texas real estate agents was up 9 percent from July 2015, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
Even with the easing of sales, North Texas home purchases remain at near record levels.
During the first seven months of 2016, real estate agents have sold 58,865 single-family homes in the almost two dozen counties included in the month numbers. Year-to-date home sales in North Texas are up 6 percent from last year’s record.
And median home sales prices so far in 2016 are 9 percent higher than in the first seven months of last year.
With home supplies remaining tight – especially houses priced below $200,000 – buyers are having a harder time finding properties they can afford.
“I wouldn’t be surprised that with the higher house prices consumers are experiencing some sticker shock,” said Ted Wilson with Dallas-based housing analyst Residential Strategies Inc. “As prices continue to rise, they can’t keep on going like this without some pushback from buyers.
Pending but not completed home sales numbers are down 6% from 2015. Should we expect August’s home sales to also be off from 2015 levels? Stay tuned!