North Texas home sales set records
North Texas home sales surged in May and the trend toward small home price gains continued last month, the latest sales data shows.
Real estate agents sold 11,302 pre-owned single-family homes in May — the largest number of home sales ever in a single month in North Texas. May’s home sales were 9 percent higher than the same month in 2017, according to the Real Estate Center at Texas.
While sales activity soared, median home prices were up just 5 percent from May 2017. The median price was $266,500 — the highest ever recorded in North Texas. May’s price report followed a shift to more modest home price gains in the area this year. Last month’s percentage home price gains were half what they were in May 2017 when prices were 10 percent higher year-over-year.
While more houses are for sale, there’s still only a 2 1/2-month supply of properties on the market. A 6-month inventory of homes is considered a balanced market.