The northwest Dallas suburbs experienced an average 2.1 percent annual increase in the price of previously owned, single family homes during August, same as the revised price increase seen in July. Additional, belatedly reported sales also caused the comparison of prices paid for area homes this June with those sold during June last year to be boosted from the previously reported 1.7 percent to a revised 1.9 percent increase.

Same month, year-to-year sale volume change also remained steady, but going in the opposite direction. Within the suburbs covered by this newsletter, 643 pre-owned, single family homes changed hands during August, off 8.1 percent from the 700 homes sold during August a year ago. When combined with revised sale volume decreases of 4.4 percent in July and 14.5 percent in June, sale volume for the quarter was down 9.4 percent when compared to the same three months last year.

Appreciation in home prices continued to extend across all price ranges. Compared to homes sold a year ago, the square foot price of a typical $250,000 home sold during the three months ending in August increased by 2.2 percent, to $95.33. The square foot price of a typical $350,000 home sold was up .9 percent, to $105.80, and the price per square foot of the typical $450,000 home increased 3.9 percent, to $121.06. 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 1.8 percent.

About 2,445 existing homes were listed for sale at the end of August in these northwest Dallas suburbs, according to data compiled by North Texas Real Estate Information Systems Inc. This is about 2.1 percent fewer homes than were listed for sale at the end of July, but up 15.3 percent from the number of homes listed at the same point in time a year ago.

Relative to the number of homes sold in August, this represents a 3.8 months supply of homes available for sale, an increase of 27.1 percent over the 3.0 months supply of homes available for sale during August last year. This too is about the same as in July.

Homes selling during August remained on the market for an average 47 days, up slightly from the average 46 days required to sell a home during July and down slightly from the average 48 days needed during August last year.

Increases in the relative number of higher priced homes being sold continues to push the median price of pre-owned homes in the area up at a quicker pace than actual home value appreciation. The median price of existing northwest Dallas suburban homes sold during August was $309,900, 6.0 percent more than a year ago.

Market Highs And Lows

The northwest Dallas suburbs with the largest annual increase in their three month average home prices were Southlake and Trophy Club. The average price increase in Southlake was 6.0 percent. Trophy Club again posted a 4.7 percent average price increase, same as it was for the three months ending in July.

None of the northwest Dallas suburbs reported on in this newsletter experienced decreases in their same quarter, year-to-year average price. The least increase was for homes in southwest Frisco, which were up .7 percent. Keller experienced the second smallest annual price increase, up 1.1 percent.

Grapevine had the lowest inventory of pre-owned homes among the northwest Dallas suburbs with 2.1 months supply of homes for sale. Flower Mound, with 2.3 months supply of homes available for sale, was in second place.

With an 8.3 months supply of previously owned homes for sale, southwest Frisco again had the largest inventory of homes available for sale. The Argyle, Bartonville, Copper Canyon and Double Oak area had the next highest inventory with 7.1 months supply.