Dallas Home Sales Stats for April, 2022

After Dallas area sales recorded gains of 7% and 10% in February and March, sales of single family homes in April in the greater Dallas area slipped 3%.  Sales of condos and townhomes fell 22% vs year ago levels.  The main culprit is still the shortage of available homes, which also affects potential sellers’ house hunting.  April was also the first full month of 5+% mortgage rates, which likely took a bite out of the market.  Home prices remained strong, with median sales prices of single-family homes up 23% vs year ago, and median prices of condos and townhomes 22% higher than last year.

This reduction in sales of single family homes was not across the board, however.  In fact, most of the impact was in the $200K range and lower.  Sales of homes in the $200’s, which represents 20% of the market, were 35% lower, while sales of homes in the $300’s and up were anywhere from 15% to 92% higher than year ago and represented 80% of the market.  Condos and townhomes, a much smaller market, saw lower sales than year ago in the $300’s and lower, with gains in all the price points $400K and up (see charts below).

Demand is still live and well.  Overall single family home sales totaled 9733 in April vs 9987 last year, and prices are still near record levels.  Buyers paid on average 105% for those 9733 homes, which tells me the buyers’ market is not too discouraged by mortgage rates but instead forced to deal with our continuing housing shortage.

Now, you will note something different about the data below.  For the 18 years I have produced this monthly report, we were able to drill down into individual submarkets to compare performance.  The raw data regularly furnished to our MLS by the Texas A&M Real Estate Center will no longer be tabulated on a sub-market basis.  It’s sad to see it go, but hopefully the information in the charts below will be useful.

Overall Single Family Market (North Texas):

Feb 22 vs 21: Sales up 7%, median price up 21%, DOM 31, down 23%

Mar 22 vs 21: Sales up 10%, median price up 22%, DOM 30, down 17%

Apr 22 vs 21: Sales down 3%, median price up 23%, DOM 23, down 18%

YTD 22 vs 21:  Sales unchanged, median price up 22%, DOM 28, down 21%

Overall Condos and Townhomes Market (North Texas):

Apr 22 vs 21: Sales down 22%, median price up 22%, DOM 25, down 47%

YTD 22 vs 21: Sales down 7%, median price up 16%, DOM 38, down 32%

Single Family Home Sales Trends:

April 2020: 7913 houses, $140/sf avg, 98% sold to asking, 2.3 months inventory

April 2021: 9987 houses, $175/sf avg, 101% sold to asking, 0.7 months inventory

April 2022: 9733 houses, $216/sf avg, 105% sold to asking, 0.9 months inventory

Condo and Townhome Sales Trends:

April 2020: 412 homes, $179/sf avg, 97% sold to asking, 4.2 months inventory

April 2021: 917 homes, $212/sf avg, 89% sold to asking, 1.7 months inventory

April 2022: 718 homes, $262/sf avg, 103% sold to asking, 0.8 months inventory

Here is a look at Single Family home sales by price category for YTD 2022 vs 2021:
$200-299K (20.1% of sales): down 35%, 0.7 months inventory
$300-399K (26.0% of sales): up 15%, 0.8 months inventory
$400-499K (17.1% of sales): up 38%, 1.1 months inventory
$500-599K (9.8% of sales): up 64%, 1.2 months inventory
$600-699K (5.8% of sales): up 53%, 1.6 months inventory
$700-799K (3.8% of sales): up 73%, 1.7 months inventory
$800-899K (2.5% of sales): up 92%, 1.5 months inventory
$900-999K (1.4% of sales): up 69%, 1.7 months inventory
$1MM and up (4.1% of sales): up 26%, 3.1 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2022 vs 2021:
$200-299K (23.3% of sales): 602 units vs 727 units year ago, 0.7 months inventory
$300-399K (22.1% of sales): 572 units vs 622 units year ago, 0.7 months inventory
$400-499K (17.2% of sales): 445 units vs 309 units year ago, 0.7 months inventory
$500-599K (6.8% of sales): 177 units vs 135 units year ago, 2.0 months inventory
$600-699K (3.9% of sales): 97 units vs 54 units year ago, 1.2 months inventory
$700-799K (1.6% of sales): 42 units vs 16 units year ago, 3.1 months inventory
$800-899K (1.2% of sales): 31 units vs 13 units year ago, 2.7 months inventory
$900-999K (0.8% of sales): 20 units vs 12 unit year ago, 1.4 months inventory
$1MM+ (2.2% of sales): 58 units vs 49 units year ago, 4.5 months inventory

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