North Texas home sales dipped in June, as prices continued to skyrocket - The Dallas Morning News

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After almost a year of big increases, North Texas home sales were down in June from a year ago.

But the 3% year-over-year decline may not signal a slowdown in the local housing market.

Home sales in the area in the early summer of 2020 were sharply rebounding from delayed purchases at the start of the pandemic. After steep declines in April and May, June 2020 home sales here bounced back.

This June’s 11,554 single-family home sales were higher than purchases in June of 2019, before COVID-19′s lock downs, according to data from the Texas Real Estate Research Center and the North Texas Real Estate Information Systems.

And June sales were up about 10% from the number of houses that traded in the area in April.

“I definitely would not over think this small year-over-year June decline,” said housing analyst Paige Shipp with CDCG Real Estate. “I’m still concerned about the rising prices.

“They are pricing people out of the market, but I don’t think we are there yet.”

Median home sales prices in North Texas rose by 23% in June from a year earlier to a new record of $350,000.

So far in 2021, prices of single-family homes sold by real estate agents are up 18% from the first six months of last year.

The huge rise in prices comes as the number of homes for sale in the area fell 50% from June 2020 levels.

“It’s economy 101 – supply and demand,” Shipp said. “If supply is tight, it will continue to push the prices.

“And people who need homes will pay what they have to pay.”

At the end of June only 8,603 single-family homes were listed for sale with local real estate agents in the about two dozen North Texas counties included in the survey – near an all-time low.

“I thought we would have more inventory coming to market once people were feeling more comfortable about putting their homes on the market,” Shipp said.

But many potential sellers are finding they don’t have another property to purchase if they sell their current home.

“There aren’t a lot of places to go,” Shipp said.

When houses come on the market, they sell almost immediately. Properties that changed hands in June had only been listed for sale for 20 days on average.

And houses sold for an average of 103% of asking price, according to June’s multiple listing service numbers. Many properties are trading at much higher premiums to list prices.

Through the first six months of this year, real estate agents have sold 55,129 single-family homes - a 7% increase over the same period last year.

The number of houses listed for sale with agents last month was about a third of what North Texas inventory was in mid 2019 before the pandemic.

“The limited number of listings today is acting as a governor to the market with regard to monthly sales,” said Ted Wilson, principal at Dallas-based housing analyst Residential Strategies. “Additionally, with prices up over 20% year over year, housing affordability is once again emerging as a challenge for many households.”

Dallas-Fort Worth home sales and prices have soared to unprecedented levels in the last year since the COVID-19 pandemic took hold.

The increase in North Texas purchases has been fueled by the migration of tens of thousands of new residents coming from out of state. And continue low mortgage rates have somewhat dulled the impact of the price increases.

Even so, some analysts are forecasting that the pace of home buying will slow later this year as rising prices keep more first-time buyers out of the market.

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North Texas home sales dipped in June, as prices continued to skyrocket - The Dallas Morning News
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