DFW Real Estate Market for July is hot.
The July Statistics show sellers in control.
The Dallas Fort Worth real estate for Julu market is still hot and shows no signs of slowing anytime some.
The most striking metric is the number days on market.
The days on market average for the DFW area is 36.
This is down 7.7% from last year and at the lowest point this century. Homes sales outpace the rate of new listings driving down inventory. Inventory continues for 3 consecutive years of decrease. Inventory is down 6.2% from last year.
According to the law of supply and demand, when we see this kind of pressure on supply should correlate to price pressure. The median house price is up for the third consecutive year.
Overall the median price of a home is up 9.5% from last year.
Home prices began to rise in 2012 and the rate of rise is accelerating.
The perfect storm of low inventory, high demand and interest rates remaining and unprecedented lows has meant sellers are in command.
Buyers have little to no negotiating power are paying 98% of listing price.
If you are ready to sell and lock in profit on your capital gains, you need to like the Jody Wall Realtor Facebook page.
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