The number of pre-owned, single family northwest Dallas suburban homes sold during April and May fell by 15.5 percent and 13.6 percent, respectively, relative to sales during the same months last year. For these same two months, the average number of homes available for sale was down 10.1 percent and 10.9 percent from the previous year. This caused the annual rate at which northwest Dallas suburban home prices are increasing to slow to 2.7 percent in April and 3.0 percent in May, down from a 3.3 percent increase in March.

On a more micro level, another happening in the northwest Dallas suburban home market seems particularly noteworthy. For each of the past three months, the increase in Southlake average home prices, 8.5 percent in May, 7.9 percent in April, and 8.8 percent in March, has been nearly three times the entire area's average increase. Price increase in Colleyville and Flower Mound also have been consistently above the area average, but still are generally less than half the rate being seen in Southlake.

During May, 595 pre-owned, single family homes were sold in the Argyle, Bartonville, Coppell, Copper Canyon, Colleyville, Double Oak, Flower Mound, southwest Frisco, Grapevine, Highland Village, Keller, west Plano, Southlake, Trophy Club and Westlake area. In April, 469 homes were sold, and March saw sales of 529 homes. During these same months the previous year, sales totaled 689 homes, 555 homes, and 530 homes, respectively.

According to data compiled by North Texas Real Estate Information Systems Inc., about 1,970 pre-owned homes were listed for sale in the northwest Dallas suburbs at the end of May, up slightly from about 1,930 homes listed at the end of April. This, combined with monthly sales, resulted in a 3.3 months supply of such homes being available during May, which was about 17.5 percent drop from April's 4.0 months supply.

Home price appreciation continued to extend, now for the seventeenth consecutive month, across all price ranges. The square foot price of a typical $250,000 northwest Dallas suburban home sold during the three months ending in May was $92.89, a 3.1 percent increase over the price at which a similar home sold a year ago. The typical $350,000 home sold for $105.48 per square foot, up 2.1 percent over a year ago, and the square foot price of the typical $450,000 home was $120.35 per square foot, a 4.4 percent increase over a year ago. The average square foot price of homes selling for less than $200,000 was up 2.5 percent and the square foot price of homes selling for more than $500,000 was up 3.5 percent.

The average length of time homes selling during May remained on the market was 46 days, down nearly 10 percent from the 51 average days on market seen during both April this year and May last year.

The $286,500 median price of pre-owned homes in the northwest Dallas suburbs sold during May was up 6.1 percent from the $270,000 median price posted a year ago. April's $280,000 median home price was up 1.8 percent from the $275,000 median price posted during April a year ago.

Market Highs And Lows

The northwest Dallas suburbs home resale market segment with the largest annual increase in its three month average per square foot price during May was in Southlake. The square foot price of the average $250,000 home there was $114.44, up 21.3 percent. Colleyville homes selling for less than $200,000, at $94.76 per square foot, were up 13.1 percent from their previous year price.

Colleyville also had the price segment with the largest price decrease. Homes there, selling for an average of $250,000, brought $88.25 per square foot, off 9.2 percent from their previous year price. The average price per square foot of homes in Highland Village that sold for between $300,000 and $399,999 was $93.44, a 7.1 percent decrease from May a year ago.

Flower Mound and Coppell had the lowest inventory of pre-owned homes among the northwest Dallas suburbs, coming in at 2.2 and 2.3 months supply of homes available for sale. Grapevine and Trophy Club were next, each with 2.7 months supply of homes listed for sale.

Colleyville had the highest inventory with 5.5 months supply of homes for sale. Southwest Frisco was next highest with a 5.1 months supply of available homes.