With summer officially behind us, we see on paper the impact higher interest rates and low inventory had and continues to have on home sales. That double-whammy of scarcity and 7% mortgage rates kept a lot of potential home buyers on the fence, while discouraging sellers unwilling to part with their 2-3% mortgage rates. Still, 8009 single family homes traded hands, sales slipped but didn’t collapse, and prices in the Dallas metro area were steady or rose in some cases.
We can thank cash buyers for their part, thank home builders for their part, and thank Texas’ economic principles (no state income taxes, positive business climate) for making it attractive for job hunters and companies to move here. We lead the country with 60,000 office jobs created, double the amount of the next closest city.
Our success countering much of the negative sales conditions is reflected by overall single family sales down just 6% this year and median prices down just 3%. Condos median prices are up 3% YTD. Townhome sales in August were up 7% and prices up 3%. And in five of the area cities in the list below, sales were close to even, even, or ahead of the sales recorded in August a year ago.
Dallas’ economy is resilient, but there are many policy decisions on a national scale we have no control over. Let’s keep our jobs growth magic going as we enter the fall market.
Check out last month’s performance in selected sub markets in the list below. Only sales transacted through the MLS are recorded, so sales are always understated to a small extent.
Overall Single Family Market (North Texas):
Feb 23 vs 22: Sales up 1%, median price up 1%, DOM 40, up 48%.
Mar 23 vs 22: Sales up 29%, median price up 4%, DOM 39, up 44%.
Apr 23 vs 22: Sales down 8%, median price down 5%, DOM 52, up 160%.
May 23 vs 22: Sales down 2%, median price down 5%, DOM 45, up 137%
June 23 vs 22: Sales down 4%, median price down 5%, DOM 30, up 45%
July 23 vs 22: Sales down 6%, median price down 3%, DOM 39, up 95%
Aug 23 vs 22: Sales down 8%, median price down 1%, DOM 40, up 60%.
YTD 23 vs 22: Sales down 6%, median price down 3%, DOM 49, up 123%.
Overall Condos Market (North Texas):
Feb 23 vs 22: Sales down 34%, median price up 12%, DOM 51, up 4%.
Mar 23 vs 22: Sales down 39%, median price up 8%, DOM 36, down 12%.
Apr 23 vs 22: Sales down 22%, median price down 4%, DOM 34, up 62%.
May 23 vs 22: Sales down 10%, median price unchanged, DOM 42, up 91%.
June 23 vs 22: Sales down 10%, median price up 5%, DOM 24, up 4%.
July 23 vs 22: Sales down 19%, median price up 7%, DOM 31, up 63%.
Aug 23 vs 22: Sales down 22%, median price down 3%, DOM 30, up 20%.
YTD 23 vs 22: Sales down 23%, median price up 3%, DOM 37, up 16%.
Overall Townhome Market (North Texas):
Feb 23 vs 22: Sales down 6%, median price up 6%, DOM 65, up 76%.
Mar 23 vs 22: Sales down 7%, median price up 5%, DOM 66, up 89%.
Apr 23 vs 22: Sales down 2%, median price up 2%, DOM 60, up 102%.
May 23 vs 22: Sales up 4%, median price down 7%, DOM 42, up 67%.
June 23 vs 22: Sales down 10%, median price down 1%, DOM 48, up 78%.
July 23 vs 22: Sales down 12%, median price up 1%, DOM 47, up 81%.
Aug 23 vs 22: Sales up 7%, median price up 3%, DOM 54, up 69%.
YTD 23 vs 22: Sales down 6%, median price up 2%, DOM 57, up 90%.
Single Family Home Sales Trends:
Aug 2023: 8009 houses, $198/sf avg, 98% sold to asking
Aug 2022: 8727 houses, $208/sf avg, 103% sold to asking
Aug 2021: 9663 houses, $171/sf avg, 104% sold to asking
Condo Sales Trends:
Aug 2023: 267 homes, $248/sf avg, 99% sold to asking
Aug 2022: 342 homes, $245/sf avg, 103% sold to asking
Aug 2021: 452 homes, $205/sf avg, 98% sold to asking
Townhomes Sales Trends:
Aug 2023: 318 homes sold, $223/sf avg, 98% sold to asking
Aug 2022: 296 homes sold, $230/sf avg, 103% sold to asking
Aug 2021: 341 homes sold, $187/sf avg. 101% sold to asking
Here is a look at Single Family home sales by selected Cities for August 2023 vs 2022:
Dallas: Sales 652 vs 788, Median Price $235/sf vs $244/sf, Sold vs Asking 96%.
Richardson: Sales 89 vs 106, Median Price $230/sf vs $222/sf, Sold vs Asking 98%.
Plano: Sales 206 vs 240, Median Price $221/sf vs $219/sf, Sold to Asking 98%.
Frisco: Sales 183 vs 215, Median Price $248/sf vs $238/sf, Sold to Asking 96%.
Highland Park: 11 vs 8, Median Price $780/sf vs $694/sf, Sold to Asking 98%.
University Park: Sales 16 vs 15 , Median Price $529/sf vs $567/sf, Sold to Asking 94%.
Southlake: Sales 45 vs 46, Median Price $325/sf vs $298/sf, Sold to Asking 96%.
Colleyville: Sales 40 vs 33, Median Price $258/sf vs $233/sf, Sold to Asking 96%.
Coppell: Sales 39 vs 40, Median Price $251/sf vs $240/sf, Sold to Asking 98%.
Carrollton: Sales 91 vs 98, Median Price $217/sf vs $216/sf, Sold to Asking 98%.
Farmers Branch: Sales 28 vs 28, Median Price $256/sf vs $227/sf, Sold to Asking 98%.
Allen: Sales 83 vs 120, Median Price $216/sf vs $222/sf, Sold to Asking 98%.
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540