, released by the Texas A&M Real Estate Research Center, the MetroTex Association of Realtors and the North Texas Real Estate Information Systems last week, are just two of many key data points offering a glimpse into the region’s housing market.Year-over-year prices fell for the second straight month. A national real estate group estimates the price drop is one of the most substantial in the nation. This comes after months of increasing inventory.
RE/MAX data shows D-FW median home prices falling from over $408,000 last July to $400,000. The 2.2% drop was second only to Bozeman, Mont.Closings were up 4.6% over last July, according to the MetroTex report. Sales are a lagging indicator, reflecting what was on the market 60 to 90 days earlier In Dallas County, sales and median prices were relatively flat. The median home price was $362,750, a decrease of less than 1%. There were 1,869 closed sales, a less than 1% increase.
However, he said buyers appear to have more power in most of his recent transactions. Some buyers who put their housing search on hold last year have also returned to the market. “That is all meaningless because listings aren’t being converted into sales,” he said. “One-tenth of the listings are translating to sales. …There’s a mismatch here.”