Jobless claims have stayed at extremely low levels, coming in as the lowest numbers since 1973, which is contributing to the DFW area having one of the strongest housing markets in the country. The fall and winter seasons typically mean the housing market slows down, 2015 is showing consistent growths in housing market statistics. North Texas area new listings increased 6.2 percent in October 2015 to 10,544 according to North Texas Real Estate Information System’s Monthly Indicators. Pending sales were down 13.3 percent to 7,197, and inventory levels decreased 8.5 percent to 25,341 units.
Also increasing was our median home price, which increased 9.9 percent to $200,000 year-over-year. The job market continues to grow, and people continue to move to the area… these are the makings of a strong housing market. Wallethub.com ranks Frisco, Allen, Plano, Carrollton, McKinney and Richardson amongst some of the healthiest housing markets in the country. The rankings rated 300 U.S. cities across a series of metrics that included median home-price appreciation and home price as a percentage of income to job growth. Also falling on the list were Irving, Fort Worth, Grand Prairie, Arlington, Garland, and Dallas. Overall the North Texas area's housing market is very, very strong.
Homes are getting snatched up much faster than normal, with homes averaging 44 days on the market, 30.2% fewer days than October 2014. There is currently 2.9 months of inventory, 14.7% less than the same time last year. The Texas A&M Real Estate Department cites around six months to be a balanced inventory, and we are still well below that. Despite these figures, the DFW area actually sold 6.1% fewer homes than last year at 7,965 units sold. This may be simply due to an overall lack of inventory.
The area is growing rapidly, despite being low on inventory with 6.2% more new listings on the market in October 2015. The housing affordability index went down 4% to 161, a slight change from 2014. This is good for sellers, and 96.2% is the percent of original list price received on average. It’s definitely a sellers market in the DFW area, and our strong housing market will ensure there is no shortage of buyers moving to the area.
October 2015 Quick Stats:
- 7,965 – Single-family homes sold, 6.1% less than October 2014.
- $200,000 – Median price for single-family homes, 9.9% more than October 2014.
- 44 – Average number of days single-family homes spent on the market, 30.2% fewer than October 2014.
- 10,544 – new single-family home listings on the market, 6.2% more than October 2014.
- 2.9 – Months of inventory* of single-family homes, 14.7% less than October 2014.
- 161– Housing affordability index, 4% less than October 2014.