There was a lot of good news for those looking to and purchase new homes in April. New listings were up + 5.2% as compared to last April and closed sales were up + 3.2% as well. Listing under contract were up as well + 4.1% to 1,556 listings. Inventory of homes for sale were down – 13.9%, but the months supply of inventory was up to 1.5 months as compared to the last two months at 1.3 months supply.
Sellers continue to benefit as buyers are still competing in multiple offer situations and the result is higher sales prices. The average sales price for April was $311,071 or a + 8.8% increase from last year. Median sales prices continued their strong surge as the number for April was $270,000 or an increase from 2014 of an amazing + 11.3%. Sellers are also enjoying the fact that their homes on avearge sold for 99.1% of the original list price or again a + 1.0% increase.
Year to date, home sales prices are up + 8.8% and median sales prices have increased + 11.3%. These numbers are great for sellers, but buyers are beginning to feel the pressure as home affordability becomes a genuine concern. Source: North Texas Real Estate Information Service (NTREIS)
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.