Inventory Chart TAR q1 2014

Slow growing inventory is choking sales growth and driving prices up in the Dallas real estate market, with only 2.4 months of inventory in the Dallas market — an increase of 0.2 months from last quarter — according to the latest quarterly report from the Texas Association of Realtors and the Real Estate Center at Texas A&M University.

As a result the median home price in Dallas is up 9.81 percent from the first quarter of 2014, an increase of 6.81 percent from the same time a year ago and the second consecutive quarter our city has seen an increase in home prices. Statewide, inventory grew for the first time in three years, up to 3.6 in the second quarter of 2014 from an all-time low of 3.4 months in the first quarter of this year. Still, inventory is tighter than a pair of skinny jeans after Thanksgiving and continues to pose problems for our market.

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Shadybank Living

North Texas’ real estate market posted a 4 percent increase in sales for the month of November, the lowest such increase since the 2012 according to the Real Estate Center at Texas A&M University.

Gleaning numbers from NTREIS, the center’s report showed a 12 percent decrease in condo and townhome sales, too.

But instead of freaking out about whether increasing mortgage rates or dwindling inventory is to blame, maybe this is a case of a very hot, hot, hot spring/summer season and a seasonally slow fall/winter?

From Steve Brown’s DMN story:

Even with November’s smaller increase, sales of pre-owned homes through the first 11 months of 2013 are 18 percent ahead of where they were in the same period last year, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

And November saw no decline in the pace of North Texas home price increases. The median home sales price in the region was up 10 percent last month to $170,000, according to sales by real estate agents through their multiple listing service.
Economists have been watching for a softening in the rate of growth in the Dallas-Fort Worth housing market, which has seen unprecedented increases in prices and huge jumps in purchase volumes this year.

“We’ve been expecting things to slow down,” said Dr. James Gaines of the Real Estate Center. “Some is seasonal, but the year-over-year numbers are a little lower than I thought they’d be.”

So, has the fall been unseasonally slow for you, our dear Realtors? Or are you just noticing the regular drop-off in transactions that happen around the holidays?

(And just in case you’re wondering, the lovely home decked out for the holidays in this post is 16224 Shadybank Dr. in Prestonwood. Gorgeous, innit?)