BOB EDMONSON
REAL ESTATE PROFESSIONAL

Dallas area single family home sales in June fell 11% from year ago, an unusual and steep decline for a normally busy month in the spring market.  We saw this coming in May with pending sales for June down 11%, and we might anticipate this again in July, as pending sales are again down 11% for single family homes.  Condos and townhomes are not escaping, with pending sales down 25% and 18% respectively.  At the halfway mark this year, single family home sales are down 1% vs the first six months of 2023.  There are now 25,500 active listings, half of which were posted in June alone.

Prices are still at historic highs but exhibiting a little weakness as well, as the sold vs asking prices have drifted down from the near 100% mark to just above the mid 90% range.  As days-on-market increase, seller pricing decisions will adjust as well.  Mortgage rates are beginning to reflect this weaker demand, hovering in the lower six percent range, and a Fed reduction in the funds rate, which influences the mortgage rate, may become reality this fall.  But weaker demand is often a function of affordability, usually dependent upon interest rates, not in terms of desire or need to buy.  The buyers are still out there, and sales in Colleyville and Allen still beat June ’23 numbers in June. .

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):

Jun 24 vs 23: Sales down 11%, median price down 4%, DOM 44, up 7%.

May 24 vs 23: Sales unchanged, median price up 1%, DOM 43, down 4%.

Apr 24 vs 23: Sales up 8%, median price up 3%, DOM 47, down 11%.

YTD 24 vs 23: Sales down 1%, median price unchanged, DOM 50, down 4%.

Overall Condos Market (North Texas)

Jun 24 vs 23: Sales down 22%, median price down 16%, DOM 53, up 112%.

May 24 vs 23: Sales down 6%, median price up 4%, DOM 49, up 17%.

Apr 24 vs 23: Sales up 4%, median price up 4%, DOM 52, up 58%.

YTD 24 vs 23: Sales down 13%, median price up 2%, DOM up 50%, up 32%.

Overall Townhome Market (North Texas):

Jun 24 vs 23: Sales down 12%, median price down 7%. DOM 62, up 32%.

May 24 vs 23: Sales up 1%, median price unchanged, DOM 53, down 13%.

Apr 24 vs 23: Sales up 2%, median price down 2%, DOM 58, down 5%.

YTD 24 vs 23: Sales down 1%, median price down 2%, DOM 54, down 8%.

Single Family Home Sales Trends:

Jun 2024: 7734 houses, $199/sf avg, 97% sold to asking

Jun 2023: 8702 houses, $197/sf avg, 98% sold to asking

Jun 2022: 9002 houses, $208/sf avg, 103% sold to asking

Condo Sales Trends:

Jun 2024: 244 homes, $230/sf avg, 94% sold to asking

Jun 2023: 314 homes, $249/sf avg, 99% sold to asking

Jun 2022: 368 homes, $245/sf avg, 101% sold to asking

Townhomes Sales Trends: 

Jun 2024: 265 homes sold, $221/sf avg, 96% sold to asking

Jun 2023: 302 homes sold, $222/sf avg, 98% sold to asking

Jun 2022: 339 homes sold, $230/sf avg, 103% sold to asking

Here is a look at Single Family home sales by selected Cities for Jun 2024 vs 2023:

Dallas: Sales 660 vs 834, Median Price $253/sf vs $244/sf, Sold vs Asking 96%.

Richardson: Sales 80 vs 92, Median Price $243/sf vs $228/sf, Sold vs Asking 97%.

Plano:  Sales 198 vs 207, Median Price $226/sf vs $220/sf, Sold to Asking 98%.

Frisco:  Sales 202 vs 227, Median Price $248/sf vs $247/sf, Sold to Asking 97%.

Highland Park: 10 vs 16, Median Price $755/sf vs $634/sf, Sold to Asking 99%.

University Park: Sales 13 vs 14 , Median Price $631/sf vs $585/sf, Sold to Asking 92%.

Southlake: Sales 40 vs 63, Median Price $332/sf $341/sf, Sold to Asking 97%.

Colleyville: Sales 38 vs 29, Median Price $290/sf vs $259/sf, Sold to Asking 96%.

Coppell: Sales 32 vs 46, Median Price $270/sf vs $254/sf, Sold to Asking 102%.

Carrollton: Sales 66 vs 109, Median Price $226/sf vs $222/sf, Sold to Asking 98%.

Farmers Branch: Sales 15 vs18, Median Price $243/sf vs $216/sf, Sold to Asking 97%.

Allen: Sales 107 vs 104, Median Price $228/sf vs $223/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