Home sales were up in July compared to last year and the median sales price dropped for the first time this year across 51 metro areas, according to Remax.
DALLAS — Home sales were up in July compared to last year and the median sales price dropped for the first time this year across 51 metro areas, according to a new report from Remax.
So, how does Dallas-Fort Worth compare to the rest of the country in terms of home sales and prices?
Nationally, the median price of $425,000 was $5,000 – or 1.2% – lower than in June, according to Remax. July home sales were up 6.7% over last year, and the median sales price also increased 3.7% in the last year, according to the report.
DFW saw a 2.2% drop in median home sale prices over last year, with the median sales price dropping from $408,995 in July 2023 to $400,000 in July 2024 – the second-largest drop in the country. Bozeman, Montana saw the largest year-over-year drop in home prices in the country with the median sale price dropping 8.6% from $725,000 to $663,000, according to Remax.
Raleigh, North Carolina saw the third-largest year-over-year drop in home prices in the country with the median sale price dropping 1.3% from $445,000 to $439,355.
Home sales are also on the rise in DFW.
Home sales in DFW are up 4.2% from last year with 8,306 transactions reported this year compared to 7,969 last year, according to the report.
Housing supply is also improving.
The months supply of housing inventory in DFW jumped 54% from 2 months supply last year to 3.1 months supply this year. Active inventory also jumped nearly 50% from 18,845 last year to 28,218 this year.
“We are definitely seeing a major shift in the marketplace where sellers no longer have the advantage that they once had for years. In fact, we are seeing a large number of transactions where buyers are making offers well below the asking price, and those offers are getting accepted,” said Todd Luong of RE/MAX DFW Associates. “It has been a while since I have had multiple offers on my listings. These kinds of competitive situations just aren’t happening as much now in this market.”
Nationally, housing inventory was up 1.8% in July over June and 36.7% year over year. This happened despite a 9.4% decline in new listings from June, though new listings were up 7.1% from July 2023.
The average number of days a property spends on the market in North Texas rose about 26% in the last year from 38 days to 48 days.
Remax’s National Housing Report is based on multiple listing service (MLS) data for 51 markets surveyed across the country.
“July’s real estate activity is a promising sign of market resilience. Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings. As the industry prepares to adapt to several new changes in business practices, home buyers and sellers should look for a trusted advisor with the skills, knowledge and experience to guide them,” said Remax President Amy Lessinger.
For the full Remax July housing report, click here.