Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR (National Association of REALTORS) President Richard Gaylord, said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®
Let’s take a look at Dallas real estate sales statistics to understand whet is happening locally.
Active listings this July dropped 17% compared to July 2007 with the number of homes sold down 11%. Available inventory increased 5%. The median and averages sales prices remained the same and increased 3%, respectively.
Acitve listings July 2008: 29,724
Active listings July 2007: 33,414
Sold listings July 2008: 4,917
Sold listings July 2007: 5,930
Months of July Inventory 2008: 6.9
Months of July Inventory 2007: 6.6
Median Sales Price July 2008: $166,000
Median Sales Price July 2007: $165,300
Average Sales Price July 2008: $225,700
Average Sales Price July 2007: $220,100
What does this mean for Dallas real estate buyers and sellers. Prices are increasing which is an indication the market is stabilizing…good news for everyone! The decrease in the number of homes for sale will result in less inventory in the coming months and, in turn, higher prices.
The current moderate prices and incentives from the Housing and Economic Recover Act make this an excellent time to buy Dallas real estate.
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This entry was posted on Friday, August 22nd, 2008 at 1:55 pm and is filed under Dallas Fort Worth, Housing Market, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.