Pre-owned home sales slow in North Texas

Sales of existing homes in North Texas slowed in August, dropping 4 percent compared with sales a year ago -- the first decrease in seven months, according to the latest figures released by the North Texas Real Estate Information System.

August is traditionally one of the strongest months for home sales.

The housing market in the 40-county area that runs from the Red River to just north of Waco still is strong, however, analysts say, thanks to strong sales during the spring and summer. Sales in the region are still 9 percent higher than last year.

Area sales of existing houses totaled 7,151 in August, while and the number of houses listed for sale rose 6 percent in to 42,434. Sales totaled 53,954 during the first two-thirds of the year, according to the report.

The median sale price of a pre-owned house was $140,000 in August, a 3-percent dip from a year ago, the report says.

The condominium and townhouse market saw an even larger increase in inventory, with the number for sale in the Dallas-Fort Worth area up 27 percent this year. Condo and townhouse sales were down 7 percent in August.

A high number of existing houses on the market, combined with an oversupply of new homes in the Dallas-Fort Worth area has kept prices flat for several weeks, the study shows. The average number of days a house stayed on the market was down 1 percent, to 66 days.

Existing houses with large pricetags were more likely to sell than this year, with houses in the $30,000 price range and up increasing in the double digits. The average home price was $185,507, up 4 percent.

The number of pending house sales running ahead of last year, however, with about 7,755 purchases that haven't yet closed.