The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.
Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”
Let’s take a look at Dallas real estate sales statistics to understand what is happening locally.
Dallas Real Estate Sales Statistics:
Active listings this August dropped 14% compared to August 2007 with the number of homes sold down 19%. Available inventory increased 3%. The median and averages sales prices decreased 19% and 2%, respectively.
Acitve listings August 2008: 28,367
Active listings August 2007: 32,915
Sold listings August 2008: 4,702
Sold listings August 2007: 5,840
Months of August Inventory 2008: 6.7
Months of August Inventory 2007: 6.5
Median Sales Price August 2008: $162,100
Median Sales Price August 2007: $167,700
Average Sales Price August 2008: $221,800
Average Sales Price August 2007: $226,900
The decrease in inventory is a good sign that the Dallas real estate market is starting to stabilize. Interested in learning more about Dallas real estate, visit TexasHomeCentral.com.
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This entry was posted on Thursday, October 2nd, 2008 at 9:40 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.