Prices and sales volume continue rising trend in third quarter
Prices and sales volume continued to tick upward during the third quarter of 2016 in North Texas, according to a monthly housing market report released today by the MetroTex Association of REALTORS.
“September sales were on pace with a busy third quarter,” said Russell Berry, president of MetroTex. “With the market showing no signs of slowing, we are expecting a strong finish to the end of the year. It’s amazing to think that in North Texas, the average price is up nearly 45 percent from just five years ago.”
According to the report, 9,537 homes were sold in North Texas in September, an 11 percent increase over September 2015, and dollar volume was up an astonishing 22 percent over the same time period.
Rising prices in Irving reflected a market with low inventory. According to the report, 163 homes were sold in Irving in September, unchanged from last year. The median price for Irving area homes increased 19.4 percent year-over-year to $233,500.
Irving’s monthly housing inventory was 2.3 months in September. The Real Estate Center at Texas A&M University holds that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 37 days on the market in September. There were 355 active listings for the Irving housing market during the same time frame.
September 2016
- 163 – Homes sold, up 1.2 percent from September 2015.
· $233,500 – Median sales price for homes, 19.4 percent higher than September 2015.
· $278,053 – Average sales price for homes, a 10.5 percent increase from September 2015.
- 2.3 – Monthly housing inventory in September 2016.
· 37 – Average number of days homes spent on the market in September 2016.
- 355 – Active home listings on the market in September 2016.
- $126 – Average price per square foot, a 12.1 percent increase over September 2015.
The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.
