North Texas home sales rose 10 percent in May, even in the face of a continued shortage of homes on the market. Real estate agents sold 9,978 preowned homes through their multiple listing service last month. That brings total sales for the first five months of 2016 to just over 39,000 in North Texas — up 11 percent from the same period last year, according to the latest data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems. The one area of the Dallas-Fort Worth housing market that’s not growing as fast this year is sales of super high-end homes. Purchases of houses priced at $1 million and above are 5 percent higher so far in 2016. The top end of the D-FW housing market has seen dramatic growth in the last few years. “There’s lots of interest in mid-price,” said Dr. James Gaines, chief economist with the Real Estate Center. “We’ve noticed higher months’ inventory for upper end — more than 12 months.” Only 2.2 months’ total supply of homes was listed for sale with real estate agents in May. That’s about a third of what is considered a normal market. The market is even tighter for homes priced at less than $300000 in the D-FW area. The median price of homes sold by real estate agents in North Texas in May was a record $232,500 — up 8 percent from May 2015. D-FW home prices have risen almost 40 percent since the worst of the recession in early 2010.
- Dallas Morning News, June 8, 2016