While many parts of the country are seeing home sales plummet, the number of pre-owned, single family northwest Dallas suburban homes sold during June jumped 5.7 percent over previous year same month sales. Perhaps of even greater significance is the 850 homes that sold in June were the most pre-owned homes sold in this area during a one month period in more than five years.

The elevated level of demand in this market was further demonstrated by unusually large numbers of late reported sales causing May sales to be revised upward from a 13.6 percent drop to a 2.5 percent decrease. With June's sales increase mostly offsetting April's 14.1 percent drop in sales, quarterly sales were off only 2.4 percent, when compared to sales a year ago.

On the supply side, the number of homes listed for sale continues to trend down. According to data compiled by North Texas Real Estate Information Systems Inc., about 2,060 pre-owned homes were listed for sale in the northwest Dallas suburbs at the end of June, down 7.8 percent from the approximately 2,235 homes listed at the same time a year ago and off 22.2 percent from the 2,650 homes listed for sale two years ago.

This combination of higher sales and fewer homes for sale is pushing this market deeper into "sellers' market" territory. A 2.4 month supply of pre-owned, single family homes were listed for sale in the northwest Dallas suburbs during June, down slightly from the revised 2.9 months supply of such homes available for sale during May and the 2.8 months supply of homes listed for sale during June a year ago.

Despite the strength of local market conditions, appreciation of northwest Dallas suburban home prices has remained in check, probably due mostly to mortgage rates having increased by .375 to .75 percent during the past several months. The annual rate at which northwest Dallas suburban home prices over the past three months are increasing slowed further during June, dropping to 2.6 percent from May's revised 3.1 percent and April's 2.7 percent increases.

Though increasingly modest overall, appreciation in home prices did continue to extend across all price ranges. The square foot price of a typical $250,000 northwest Dallas suburban home sold during the three months ending in June was $93.20, a 3.2 percent increase over the price at which a similar home sold a year ago. The typical $350,000 home sold for $105.97 per square foot, up 3.1 percent over a year ago, and the square foot price of the typical $450,000 home was $119.09 per square foot, a 2.6 percent increase over a year ago. The average square foot price of homes selling for less than $200,000 was up 2.0 percent and the square foot price of homes selling for more than $500,000 was up 1.9 percent.

The average length of time that homes in Argyle, Bartonville, Coppell, Copper Canyon, Colleyville, Double Oak, Flower Mound, southwest Frisco, Grapevine, Highland Village, Keller, west Plano, Southlake, Trophy Club and Westlake sold during June remained on the market was 41 days, down nearly 11 percent from 46 average days on market seen during May. It also was down about 24 percent from the 54 days on average required to sell a northwest Dallas suburban pre-owned, single family home during June a year ago.

The $295,000 median price of pre-owned homes in the northwest Dallas suburbs sold during June was up 3.9 percent from the $284,000 median price posted a year ago. May's revised $287,750 median home price was up 6.6 percent from the $270,000 median price posted during May a year ago.

Market Highs And Lows

The northwest Dallas suburbs home resale market segment with the largest annual rate increase in its three month average per square foot price during June was in Colleyville. The square foot price of the average $350,000 home there was $112.05, up 9.4 percent. Southlake homes, also selling for an average $350,000 price, at $110.86 per square foot, were up 9.2 percent from their previous year price. Coppell homes selling for $400,000 to $499,999, up 9.1 percent from the previous year price, at $132.63 per square foot, were close behind.

Colleyville again also had the price segment with the largest price percentage decrease. Homes there, selling for an average of $250,000, brought $92.39 per square foot, off 7.5 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 $94.90, a 6.5 percent decrease from June a year ago.

Grapevine and Flower Mound had the lowest inventory of pre-owned homes among the northwest Dallas suburbs, coming in at 1.4 and 1.5 months supply of homes available for sale. Coppell was next with 2.1 months supply of homes listed for sale.

Southwest Frisco had the highest inventory with 3.9 months supply of homes for sale. The Argyle, Bartonville, Copper Canyon and Double Oak area was next highest with a 3.3 months supply of available homes.