The number of previously owned northwest Dallas suburban single family homes sold during July fell by 8.6 percent, the third month in the past four that same month, year-to-year sales decreased. This almost surely is caused, at least to some extent, by the difficulties that prospective homebuyers are facing when attempting to sell their current homes in other harder hit parts of the country.

Despite lowered demand, the recent leveling off of mortgage rates and a relatively constrained supply of homes being listed for sale thus far have resulted in northwest Dallas suburban pre-owned home prices continuing to appreciate at a modest but steady pace. However, after being down by between 10 and 20 percent for most of the past year, the number of homes listed for sale now has climbed to approximately the same level it was a year ago. It therefore seems increasingly likely the cold caught by the nation's housing market will cause at least a sneeze or two locally.

Home prices 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 increased an average 3.0 percent over last year's prices. This was up somewhat from June's 2.6 increase, but down slightly from the 3.1 percent average annual price increase posted in May.

As now has been the case for nineteen straight months, home price appreciation extended across all price ranges. The square foot price of a typical $250,000 northwest Dallas suburban home sold during the three months ending in July was $94.05, a 4.3 percent increase over the price at which a similar home sold a year ago. The typical $350,000 home sold for $106.25 per square foot, up 3.5 percent over a year ago, and the square foot price of the typical $450,000 home was $118.48 per square foot, a 3.1 percent increase over a year ago. The average price of homes selling for less than $200,000 was up 1.7 percent and the square foot price of homes selling for more than $500,000 was up 1.8 percent.

The $286,900 median price of pre-owned homes sold during July in the northwest Dallas suburbs also was up compared to a year ago. It gained 2.3 percent on the $280,500 median price posted last July and was up 8.3 percent from the $265,000 median price homes sold for in this area during July two years ago.

About 2,115 pre-owned, single family homes were listed for sale at the end of July in the northwest Dallas suburbs, essentially the same as the approximately 2,125 homes listed at the same time a year ago, according to data compiled by Texas Real Estate Information Systems Inc. This number of listings, when combined with the 671 homes reported sold, resulted in a 3.1 months supply of such homes being available during July, a nearly 35 percent jump from June's revised 2.3 months supply.

The average length of time homes selling during July remained on the market was 41 days, same as was required to sell a home in June. This is about 25 percent fewer days than during July a year ago, when an average 55 days were needed to sell a northwest Dallas suburban pre-owned, single family home.

Market Highs And Lows

The northwest Dallas suburbs home resale market segments with the largest annual rate increase in their three month average per square foot prices during July both were in northeast Tarrant County. The square foot price of the average $350,000 home sold in Southlake was $114.03, up 12.4 percent. Keller homes, also selling for an average $350,000 price, at $115.03 per square foot, were up 9.5 percent from their previous year price.

The Argyle, Bartonville, Copper Canyon and Double Oak area had the price segment with the largest price percentage decrease. Homes there, selling for an average of $450,000, brought $116.15 per square foot, off 3.7 percent from their previous year price. The average price per square foot of homes in Colleyville that sold for between $400,000 and $499,999 was $112.16, a 2.3 percent decrease from July a year ago.

Grapevine and Flower Mound again had the lowest inventory of pre-owned homes among the northwest Dallas suburbs, coming in at 1.8 and 1.9 months supply of homes available for sale. Highland Village was next with 2.5 months supply of homes listed for sale.

The Argyle, Bartonville, Copper Canyon and Double Oak area had the highest inventory with 5.9 months supply of homes for sale. West Plano was next highest with a 5.6 months supply of available homes.