According to Metrotex and our North Texas(NTREIS), sales are down but prices are up. I'll reiterate the same theory I have in the past about how these numbers are skewed a little. With the change of the subprime market, and making it a little more difficult for people with imperfect credit to get loans, sales have changed.
The main group this has affected is the group in the lower price range. They already don't have much income and, on average, create more debt for themselves, they're the ones not able to buy homes right now. With this group buying a less amount of homes, that makes room for the median sales price to inch up along with the average sales prices. This is also why the number of sales has decreased with the averages going up.
Number of Sales: 74,918
% change a year ago: -7%
Median Price: $150,000
% change a year ago: +1%
Average Price: $202,461
% change a year ago: +4%
Active Listings: 47,874
% change a year ago: +7%
What does your market look like?
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!
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Thanks for sharing. You can find our market report at www.flaglerresident.com/marketupdate. It's good to see the median selling price slightly up in your area. Some markets can not say that at this time espcially ones that saw rapid growth over the last few years. Best wishes for 2008!
Kathy, THanks for stopping by! It's always good to be stable and steady rather than drastic ups and downs.
Missy, Great time to buy! Just closed one this morning with sales price of $162k, rate of 6%, and total payment with taxes and insurance at $1400 a month! That's awesome when payments are below the 1% rule of thumb guestimate!