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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Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1.  The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better.  ”The recovery is broad-based across many parts of the country.  Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.

Now let’s take a look at Dallas home sales statistics for August 2009 to learn how our local real estate market is recovering.

Dallas Home Sales Statistics – August 2008

Number of Sales:  4,912
Average Sales Price:  $216,200
Median Sales Price:  $159,300
Homes on the Market: 28,367
Months of Inventory:  6.4

Dallas Home Sales Statistics – August 2009

Number of Sales:  4,183
Average Sales Price:  $211,400
Median Sales Price:  $161,500
Homes on the Market:  23,827
Months of Inventory: 6.5

The number of Dallas homes sold in August 2009 was 729 than in August 2008, a 15 percent decrease. The average sales price decreased by 15 percent or $4,800, while the median price increased 1 percent or $2,200. The months of inventory remained steady.

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Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.  The last time there were five consecutive monthly gains was in July 2003.

Let’s take a look at what our local Dallas real estate market was like in July:

Dallas Real Estate Sales Statistics
Dallas real estate sales were down 6 percent in July with 310 fewer homes sold.  The averages sales price dropped $10,800 or 5 percent while the median price increased $1,300 or 1 percent. The number of homes for sale decreased 18 percent causing the months of  inventory to decrease by .01 percent.

July 2009
Homes Sold: 4,815
Average Sales Price:  $209,700
Median Sales Price:  $164,800
Total Number of Listings:  24,387
Months Inventory: 6.5

July 2008
Homes Sold: 5,125
Average Sales Price:  $220,500
Median Sales Price:  $163,500
Total Number of Listings:  29,724
Months Inventory: 6.6

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The Real Estate Center at Texas A&M has released March 2009 sales statistics for Dallas real estate.

Number of Sales:  3,533
Down from 4,495 in March 2008

Average Sales Price:  $192,100
Down from $214,200 in March 2008

Median Sales Price:  $148,600
Down from $159,600 in March 2008

Total Listings:  26,346
down from 30,124 in March 2008

Months Inventory: 6.6
Up from 6.3 in March 2008

Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country. These factors haven’t started to affect Dallas real estate sales statistics for March, however. Soon, very soon.

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Dallas Real Estate 2008 Real Estate Statistics

2006 Dallas Real Estate Statistics

Number of Sales:  64,226
Average Sales Price: $207,400
Median Sales Price: $156,900
Months of Inventory:  5.6

2007 Dallas Real Estate Statistics

Number of Sales:  59,695
Average Sales Price: $216,700
Median Sales Price: $159,700
Months of Inventory:  6.0

2008 Dallas Real Estate Statistics

Number of Sales:  50,291
Average Sales Price: $211,400
Median Sales Price: $159,700
Months of Inventory: 6.3 

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Statistics provided by Real Estate Center at Texas A&M University.

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.
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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.
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