North Texas Home Market Trends Mostly Consistent with National Trends

Generally speaking, North Texas is keeping up with many of the trends currently taking place on the national level. Unfortunately, while national and regional statistics show that there has been a decrease in home sales, the dip has been even more significant in North Texas than it has been on the national level.

The most recent data on new home sales indicates that the housing market is experiencing a gradual and continual improvement. Furthermore, a growing number of builders are reporting that they are experiencing more activity and buyers who were once on the fence are taking the plunge and entering the marketplace.

The U.S. Census Bureau reports that sales of new homes reached 517,000, representing a 7 percent increase in April. While this is still a below-average rate, it does represent a 26 percent increase when compared to the same time in 2014. Furthermore, such a significant increase was quite welcome after home builders experienced a drop off in March.

In addition to seeing an increase in the number of new homes, the median sales price of new homes has also been on the rise. While the median sales price in March was $285,500, this figure rose to $297,300 in April.

While this is certainly good news, it is important to remember that new homes represent only a small part of the housing market. Unfortunately, the National Association of Realtors reports that sales of existing homes fell by 3.3 percent in April. This could be partially due to the fact that there is a supply shortage, as existing home sales still managed to reach more than five million for the second year in a row. Of course, the shortage of existing homes combined with the higher prices may increase demand for new home construction.

North Texas Housing Market Statistics

In contrast to national trends, sales in North Texas fell to 8,216 in March, representing a 10.5 percent decrease. The median sale price was also below national levels at $197,000. While this figure is below the national average, it represents a 10.1 percent increase when compared to March of 2014.

The number of new listings in North Texas fell to 11,216 in March, representing a 3.8 percent decrease. They picked up the following month, however, with a 3.6 percent increase to 13,286. Unfortunately, Pending Sales fell during both months. In March, they fell by 10.5 percent to 8,216, while Pending Sales in April fell by 2.1 percent to 9,294. Inventory levels also fell in both months. In March, they fell by 18.5 percent to 21,140 units while April saw levels fall by 17.3 percent to 22,438 units.

While the North Texas housing market is experiencing a mixed bag of data, experts generally agree that the housing market remains strong. Interest in North Texas real estate remains constant, but a lack of inventory to meet market demand is a concern.

If you are interested in purchasing home in North Texas or simply want to know more about the market’s statistics, contact our knowledgeable real estate team today.

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