Home sales dropped 4% last month in North Texas – The Dallas Morning News

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North Texas home sales fell by 4% in November while prices were down slightly from 2022 levels.

Area real estate agents sold 5,608 single-family homes last month, according to the Texas Real Estate Research Center at Texas A&M University and the North Texas Real Estate Information System.


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The year-over-year decline in home sales was half what it was in October and well below the 13% annual home sales drop in September.

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The median price of single-family homes sold in D-FW last month was $393,000 — down 1% from November 2022.

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“There’s still a shortage of inventory keeping prices high,” said James Gaines, the longtime economist with the Texas Real Estate Research Center. “Our inventory is still under four months — it’s still technically a tight market.”

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Only a 2.9-month supply of single-family homes was listed for sale with D-FW real estate agents in November. On average, it took 46 days to sell a house. Properties sold for an average of 95% of asking price.

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Through the first 11 months of 2023, real estate agents in North Texas have sold 77,911 single-family homes — 7% less than in the same period of last year. The year-to-date median sales price was down 2%.

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Continued moves to the area and record population growth have kept demand high for D-FW housing, even with higher mortgage rates.

“Dallas has been the No. 1 market in the country,” Gaines said.

Home prices in Dallas County were up 5.7% in November from a year earlier, while prices declined the most in Kaufman County (-5.9%) and Collin County (-4.8%), according to the MetroTex Association of Realtors.

The biggest increase in sales last month was in Collin County, where sales were up more than 13% from November 2022 levels. Year-over-year sales were down in most North Texas counties.

The greatest share of D-FW-area homes that sold last month were priced between $300,000 and $400,000.

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