Corrected figures from the National Association of Realtors show that Dallas home sales have increased 1.82 percent in the first quarter of 2015 while median price grew 11.99 percent.
Statewide figures show a strong start to 2015 for Texas home sales, with a year-over-year increase of 4.16 percent. Inventory is still an issue, with available homes dropping to an all-time-low of just 3.1 months, which is less than half the supply required for a balanced housing market. That’s a precipitous 8.82 percent decline from the first quarter of 2014. More detailed figures are available through the Texas Association of Realtors.
“Homes are being built as quickly as possible, yet most are not in the price range where inventory is needed most – the entry-level market,” explained economist Jim Gaines of the Real Estate Center at Texas A&M University. “Interest rates are still low, but tight lending standards, rising home prices, and slim inventory have created a tough market for first-time homebuyers.”
It sounds like a good problem to have, right?