North Texas Homes Sales Make Up A Third Of All Texas Sales

North Texas Homes Sales Make Up A Third Of All Texas Sales

About a third of all Texas home sales in February took place in North Texas, according to the MetroTex Association of Realtors. Using the dollar volume metric, Dallas-Fort Worth accounts for about 35 percent of total state sales.

For reference, Dallas' population of just above 7 million represents about 25 percent of state's population.

There were 6,909 homes sold in Dallas-Fort Worth last month, the report said, a 5-percent increase from last year. Both the average home price and median home price, $285,940 and $235,000, respectively, were up 13 percent from last year.

Housing inventory is up from the 2.0-month figure last year to 2.7 months this year as homebuilders start to catch up with demand. According to the Real Estate Center at Texas A&M University, a balance between supply and demand is 6.5 months inventory.

The most inventory starved section of the market are houses under $500,000, said James Martin, president of MetroTex.

"That pressure is driving sales prices higher and higher," Martin said in the report. "Fortunately, new construction rates are up significantly over last year. We’re lucky enough to have a robust and dynamic economy right now. It keeps our region at the top of the Texas market and it’s bringing a lot of people into the area."

Local realtors are seeing the same lack of inventory problems for the low-end of the market. Steve Habgood of Hewitt & Habgood previously told theDallas Business Journal that anything he has under $300,000 is gone in a matter of days or weeks.

"You got your starter home, your first-time homebuyer and select investors are still picking up properties in that price range," Habgood said. "It's moving incredibly fast."

The average time a DFW home spends on the market is 48 days, the report from MetroTex said.


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Phone: 214-425-3525
Dated: May 4th 2017
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About Josiah: Josiah is the founder of JFI Brokerage. He is a very driven individual with over 12 years’ experie...

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