Home demand in North Texas outpaces supply
DALLAS-FORT WORTH – Hopes are fading that North Texas will see an increase in housing inventory in 2014. In July, the number of houses listed for sale with real estate agents in the area was down 7 percent from July 2013.
Across the board, inventories remain at about half is what is considered normal. Housing analysts and real estate agents had anticipated that higher prices would bring a flood of new properties on the market to meet demand from eager buyers.
That hasn’t happened, as demand has continued to outpace the supply of inventory in the market.
In July, home sales were up just 3 percent from July 2013. For the first seven months of 2014, preowned single-family home sales are down 1 percent from the same period in 2013, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
Prices of homes are now about 40 percent higher than at the bottom of the recession in early 2010. Because of the strong buyer interest, it only takes an average of 44 days to sell a house in the area.
| Single-family homes | Condos/townhomes | |||
| July 2014 | Chg. from July 2013 | July 2014 | Chg. from July 2013 | |
| Resales | 9,578 | 3% | 580 | 5% |
| Median price | $196,500 | 7% | $165,000 | 5% |
| Average days on market | 44 | -10% | 48 | -19% |
| Pending sales | 7,887 | 3% | 479 | 0% |
| Listed for sale | 22,827 | -7% | 1,446 | -10% |
Source: Real Estate Center at Texas A&M University; North Texas Real Estate Information Systems
You might also like
TG Magazine
Check out the latest issue of our flagship publication.