North Texas housing market has best July on record

​​​​​​​DALLAS – Area real estate agents sold 10,545 preowned single-family homes in July—up 11 percent from a year earlier. 

That’s the second highest home sales total ever in North Texas following the record 10,962 houses that traded in June. Through the first seven months of 2017, a record 61,616 houses have sold. If this pace continues, North Texas will beat the all-time high of more than 100,000 homes sold in 2016.

"Is the market going to start showing signs of returning to normal?" asked Real Estate Center Chief Economist Dr. Jim Gaines. "It will, but it looks like it will be a very slow process.

"The whole Metroplex doesn’t appear to be slowing down too much," he said. "The companies that a year or two or three years ago announced moves to Dallas-Fort Worth are just now moving people in."

The median sales price last month was $250,000—9 percent higher than in July 2016. North Texas home prices are now at record levels and have increased by more than 50 percent in the last five years. 

Houses were on the market for an average of 35 days, a 3 percent increase from a year ago.

At the end of July, 22,660 homes were listed for sale in the area, up 10 percent from last year. Although the area has the largest number of properties on the market in more than five years, there was only a 2.6-month supply of houses. That’s less than half of what is considered a "balanced" market.

"The months’ inventory is still really, really low," said Gaines. "A lot of properties are hitting the market and are entering the MLS system already sold. The R​ealtors have a backlog of buyers."​

For more information on the Dallas housing market and more, read the Real Estate Center’s new Q​uarterly Housing Report​.