The 403 pre-owned, single-family northwest Dallas suburban homes reported sold during October represented a 17.9 percent drop from the 491 homes sold during the same month a year ago. Combined with the revised 16.9 and 4.0 percent sale volume decreases experienced during August and September, respectively, quarterly sale volume was off 11.8 percent.

However, northwest Dallas suburban home price appreciation again increased, at least to some extent, across all price ranges, the twenty-second consecutive month this has occurred. The square foot price of a typical $250,000 northwest Dallas suburban home sold during the three months ending in October was $93.56, a 3.9 percent increase over the price at which a similar home sold a year ago. The typical $350,000 home sold for $105.04 per square foot, up 0.2 percent over a year ago, and the square foot price of the typical $450,000 home was $120.92 per square foot, a 0.8 percent increase over a year ago. The average square foot price of homes selling for less than $200,000 was up 3.1 percent over a year ago and the square foot price of homes selling for more than $500,000 was up 1.1 percent.

On average, buyers purchasing homes during this October paid 2.1 percent more than was paid for similar homes a year ago. While this level of appreciation was down somewhat from September's unexpected 4.3 percent annual increase, it still was a stronger showing than August's 1.4 percent increase.

While median price is a substantially less meaningful metric than weighted average price per square foot, it does provide a means to compare what is happening with home prices in the northwest Dallas suburbs with other parts of the country. It is therefore noteworthy that the $267,000 median price of pre-owned homes sold during October in the northwest Dallas suburbs also was up 0.8 percent from the $265,000 median price posted during the same month a year ago, which of course is quite different than what is being reported about many other local housing markets. Also, when compared to the $232,000 median price homes sold for in this area during October two years ago, it was up an even more remarkable 15.1 percent.

The number of previously owned single-family homes listed for sale in the northwest Dallas suburbs at the end of October dropped to about 2,075 homes, down 1.8 percent from the approximately 2,115 homes available for sale at the end of September, according to data compiled by North Texas Real Estate Information Systems Inc. While this is a 14.3 percent jump from the approximately 1,815 homes that were for sale at the end of October a year ago, it also is down about 4.3 percent from the approximately 2,170 homes that were listed for sale at the end of October two years ago.

As reported below, the combination of fewer homes being sold combined and relatively high inventory positions some northwest Dallas suburbs squarely in “buyers' market” territory. On average, however, the 5.2 months supply of pre-owned, single family homes listed for sale in the northwest Dallas suburbs was more or less on the dividing line between buyers' and sellers' markets. It is 39.2 percent higher than the 3.7 months supply of homes listed for sale during October a year ago, but exactly the same as during October two years ago.

The average length of time homes selling during October remained on the market was up slightly to 55 days, compared to the revised 50 average days on market posted during September. One indicator of the lingering strength of this market is that this is still significantly less the 62 average days that were required to sell a pre-owned home in this area last year and the 78 average days required two years ago.

Market Highs And Lows

The northwest Dallas suburbs with the largest annual increase in their three month average price ending in October were again Flower Mound and Grapevine. The average price increase in Flower Mound was 6.5 percent. In Grapevine, it was 4.2 percent.

Southwest Frisco again had the greatest average price decrease, a 2.8 percent drop. Homes in Colleyville, on average, sold for 1.9 percent less than during October a year ago.

Grapevine continued to have the lowest inventory of pre-owned homes among the northwest Dallas suburbs, coming in at 3.1 months supply of homes available for sale. Flower Mound moved into second place with a 3.6 months supply.

The Argyle, Bartonville, Copper Canyon and Double Oak area also continued to have the highest inventory with 9.8 months supply of homes for sale. As also was the case in September, West Plano again was next highest with 7.1 months supply of homes listed for sale.