It’s July in the Dallas/Fort Worth area, and our weather matches our real estate market… HOT! July marks the middle of the year for 2014, and the North Texas Real Estate Information Systems (NTREIS) has released their market statistics. Let’s take a look at what’s taken place over the first six months of this year:
DFW-area home sales decreased 2.3% year over year to 45,848 homes sold. Statistics show activity is picking up in the upper price tiers, while the lower price tiers are slower. This is probably due to the lack of access to mortgage capital in the lower price ranges. The average number of days homes spent on the market was 55, which is 11.1 days fewer than the first half of 2013. The median price for single-family homes rose 6.8% year over year to a around $181,500. Additionally, the housing affordability index is down 2.7% to 167.
Housing is only one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were lower than we would like, but the second-quarter numbers are looking better. Buyer’s access to mortgage capital is a concern, as tight credit can be a real hurdle (especially for first time homebuyers).
In this sellers’s market, it is imperative that anyone planning on buying a home in the DFW area enlists the help of a Realtor. Search our database of homes and begin your search today! If you are considering selling, find out how much your home is worth here!