It’s almost half way through 2014 and summer is in full swing! School is out and everyone is barbecuing and participating in summertime activities! As far as our real estate market goes, we continue to see a strong sellers market. Inventory remains low even though the number of listings on the market actually grew year-over-year.
North Texas Real Estate Information Systems (NTREIS) recently released the latest housing market stats which showed Dallas/Fort Worth-area home sales decreasing 10.6% to 8,866 single-family homes sold in May 2014. This is mainly due to lack of inventory. According to the report, monthly housing inventory decreased 15.7% year-over-year to 3.5 months in May. DFW homes also continued to sell at an accelerated rate, spending an average of 50 days on the market. This is 6 days fewer than May 2013.The median price for single-family homes rose 5.1% year-over-year to $189,000 while the housing affordability index dropped 6.3%.
A quick check on interest rates show that rates have declined slightly since last month with conventional loan rates around 4.25% and FHA loan rates around 4%.