We are mid-way through the third quarter of 2014 and school is almost back in session. In the real estate market, low supply and tight credit standards are hurting the markets recovery, and prices continue to rise in many areas of the DFW area. Affordability remains high, though, thanks to continuously lower interest rates.
The North Texas Real Estate Information Systems (NTREIS) recently released their latest housing market statistics which show DFW selling 9,286 single family homes this July. This is 7.3% less than July 2013. DFW-area monthly housing inventory dropped to 3.6 months supply in July 2014, a decrease of 13% from the year prior. We are sill well below six months of inventory, which is considered a balanced market.
Dallas/Fort Worth area home prices continued to climb with median prices increasing 7.1% year-over-year to $195,000 and the housing affordability index dropping to 155. Despite higher home prices, DFW homes continued to sell at a faster pace. In July, single-family homes spent an average of 45 days on the market, 6 fewer days when compared to July 2013.
In this extremely fast paced market, it’s important to enlist the help of a realtor… especially if you’re looking in the more sought after neighborhoods! Start your Dallas/Fort Worth home search HERE!