About 7.5 percent fewer pre-owned homes sold in August, as compared to a year ago, and for the second month in a row, and only the second time in the past two years, the supply of such homes listed for sale was higher than the previous year. So far, however, this has had minimal impact on the prices for which northwest Dallas suburban homes are being sold.

Previously owned northwest Dallas suburban single-family homes sold during the three month period ending in August brought, on average, a 2.5 percent higher price than they did a year ago. While this is somewhat lower than the same quarter, year-to-year appreciation of 3.2 percent experienced through July and the 3.1 percent experienced during the three months ending in May, it is not significantly different than June's 2.6 percent and April's 2.7 percent.

The number of homes sold during August dropped to 674 homes within 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, versus 729 homes sold during the same month a year ago. When combined with July sales of 693 homes and June's 875 homes sold, quarterly sales were down about 1.1 percent from the 2,267 homes sold during the same three month period a year ago.

About 2,125 pre-owned homes were listed for sale in the northwest Dallas suburbs at the end of August, up only about .5 percent from the 1,990 homes listed the same time a year ago, according to data compiled by North Texas Real Estate Information Systems Inc. However, factoring the number of homes sold into the equation shows a 3.1 months supply of such homes were available this August, an 10.7 percent increase over the 2.8 months supply of homes available during August a year ago.

Home price appreciation continued to extend, for the twentieth 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 August was $93.91, a 3.9 percent increase over the price at which a similar home sold a year ago. The typical $350,000 home sold for $105.52 per square foot, up 2.2 percent over a year ago, and the square foot price of the typical $450,000 home was $117.49 per square foot, a 1.4 percent increase over a year ago. The average square foot price of homes selling for less than $200,000 was up 2.4 percent and the square foot price of homes selling for more than $500,000 was up 1.0 percent.

The average length of time homes selling during August remained on the market was 48 days, up about 17 percent from the 41 average days on market seen in both July and June, but down about 13 percent from the 55 average days on market seen during August last year.

The $294,000 median price of pre-owned homes sold during August in the northwest Dallas suburbs gained 6.9 percent on the $275,000 median price posted last August and was up 13.3 percent from the $259,450 median price homes sold for in this area during August two years 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 was in Southlake. The square foot price of the average $350,000 home there was $111.92, up 8.5 percent. Coppell homes selling for between $400,000 and $499,999, at $124.55 per square foot, were up 8.3 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 $117.59 per square foot, off 4.2 percent from their previous year price. The average price per square foot of homes in Trophy Club that sold for between $300,000 and $399,999 was $99.59, a 2.7 percent decrease from August a year ago.

Flower Mound and Grapevine again had the lowest inventory of pre-owned homes among the northwest Dallas suburbs, coming in, respectively, at 1.8 and 2.0 months supply of homes available for sale.

The Argyle, Bartonville, Copper Canyon and Double Oak area had the highest inventory with 6.9 months supply of homes for sale. Southwest Frisco was next highest with a 6.4 months supply of homes listed for sale.