Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.Now let’s take a look at Dallas real estate sales statistics for September 2009 to learn how our local real estate market is recovering.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.
Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”
Dallas Real Estate Sales Statistics - Sept 2008
Number of Sales: 4,293
Average Sales Price: $203,900
Median Sales Price: $150,100
Homes on the Market: 27,406
Months of Inventory: 6.2
Dallas Real Estate Sales Statistics - Sept 2009
Number of Sales: 4,010
Average Sales Price: $201,700
Median Sales Price: $156,400
Homes on the Market: 22,979
Months of Inventory: 6.3
The number of Dallas homes sold in Sept 2009 was 283 less than in Sept 2008, a 7 percent decrease. The average sales price decreased by 1 percent or $2,200, while the median price increased 4 percent or $6,300. The months of inventory remained steady.
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December 7th, 2009 at 11:00 am
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