Following a national trend, the price and number of homes sold in Dallas fell from June to July as inventory surged. 

Specifically, Dallas’ median sales price of $413,900 was 2.8% below June’s $426,000 reading, while homes sold fell 10.6% to 8,645. Active inventory was up 23.5% to 17,788. Year over year, the sales price was down 1.9% — the only decline in the survey — while transactions were 18.1% lower, and inventory was 83.1% higher. 

“There has been a sharp drop in the demand for housing lately due to higher interest rates and inflation,” RE/MAX DFW Associates Realtor Todd Luong said. “Here at our RE/MAX office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week. Last year at this same time, our listings were earning on average 5.9 showings per week.”  

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021 to $415,000, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one. Active inventory rose for the fourth month in a row, with a 13.3% increase over June and a 30.4% surge over July 2021. 

The average close-to-list-price ratio of the 53 metro areas surveyed was 101%, down from 102% in the preceding month and year-ago period. The ratio represents the average value of the sales price divided by list price, and any number over 100% means the home sold for more than asking.  

The average days on market totaled 25, up from 23 in June. Months’ supply of inventory rose to 1.8 from 1.4 in June and 1.2 in July 2021.  

“The market is rebalancing after favoring sellers for so long,” RE/MAX President and CEO Nick Bailey said in a press release. “There’s still ground to make up with new construction, but the change in recent months has brought some much-needed relief to buyers. And sellers still have it good, too. A calming market doesn’t mean a stoppage — and there are plenty of benefits to being on that side of the equation.”