If this month's Market Watch newsletter seems to be pretty much a repeat of last month's newsletter, well, it is. Conditions in the northwest Dallas suburban pre-owned home market changed little in July. Sale volume was up for the sixth straight month, the inventory absorption rate has stabilized in 3.5 to 4 months range, and home prices remained basically flat.

The picture is unclear on how long it is now taking to sell a home in the northwest Dallas suburbs of Southlake, Colleyville, Flower Mound, Coppell, southwest Frisco, west Plano, Keller, Highland Village, Westlake, Grapevine, Trophy Club, Argyle, Double Oak, Bartonville and Copper Canyon. A glitch in the technology systems that tracks MLS-listed home sales is causing days on market data to be unreliable. However, anecdotal evidence does seem to indicate that the average length of the sale cycle is decreasing, at least somewhat.

Pre-owned home sales during July of 654 homes was 7.7 percent higher than the 607 homes sold a year ago. June sales figures were revised up to 783 homes, a 30.5 percent increase of sales a year ago. May sales were revised up to 657 homes, a 25.4 percent increase. For the past three months, sales are up 21 percent over a year ago and 23.3 percent over two years ago. Sale volume for the past twelve months is up 18.8 percent over the preceding twelve months.

The inventory absorption rate rose slightly in July, to a 4 months supply, versus a 3.4 months supply in June. This is the third month in a row that the supply of pre-owned homes available for sale has been 4 months or lower. Overall inventory figures indicate this trend is likely to continue. The number of homes listed for sale dropped to just under 2,600, a level not reached last year until early November.

Sale prices, on a per square foot basis, dropped slightly. For homes sold during the past three months, the price per square foot of the typical $250,000 home sold in this area was $88.15, up .3 percent over the same period a year ago. The typical $350,000 home sold for $100.05 per square foot, down .2 percent over a year ago, and the price per square foot of the typical $450,000 home was down 1.1 percent, to $114.35.

For the past month, sale prices were down a bit more. The price per square foot of the typical $250,000 home sold in this area was $87.58, down .6 percent from July a year ago. The typical $350,000 home sold for $100.049 per square foot, down .2 percent over a year ago, and price per square foot of the typical $450,000 home dropped 2.2 percent, to $115.67.

The average sale price of homes sold in the northwest Dallas suburban area during the past three months is up 4.1 percent over the average sale price of a year ago. This is due to a higher percentage of larger and more expensively constructed homes being sold. Overall, the average pre-owned home price in the communities listed above was $321,900.

Pre-owned homes in Trophy Club sold during the past three months for an average price of $225,000, up 12.4 percent over the average price of a year ago. In west Plano, the average sale price increased 9.7 percent, to $546,600. In the Argyle, Bartonville, Copper Canyon and Double Oak area, it increased 9.5 percent, to $347,800, and Flower Mound experienced a 9.1 percent increase, to $253,100.

The average price of existing Southlake homes rose 8.5 percent, to $461,100, during the past three months. In Keller, the average sale price rose 7.5 percent, to $252,700, and in Colleyville it increased 7.2 percent, to $380,800. The average price of Highland Village homes was $257,800, up 5.6 percent, and the price of Grapevine homes was up 1.8 percent, to $202,500.

Only two northwest Dallas suburban communities experienced price drops. The average sale price of pre-owned homes in Coppell was $258,100, down 1.3 percent. The average price of pre-owned southwest Frisco homes was $398,800, down 2.4 percent.