Dallas-Fort Worth existing home sales down 5 percent in April

05/12/2014 12:36 PM

05/12/2014 4:28 PM

A tight inventory of homes for sale took its toll on the Dallas-Fort Worth housing market in April as sales of existing homes fell 5 percent from a year ago.

In all, 7,809 homes were sold during the month, according to the latest monthly Texas A&M Real Estate Center market report.

For the first four months this year, 24,867 homes were sold, down 3 percent from the same period in 2013, the report shows.

In Tarrant County, central east and southeast Arlington and Kennedale had the the largest jumps in home sales in April.

In another nod to the tight market, the median home price was up 4 percent last month, at $181,500, and the year-to-date price was up 7 percent, at $175,900. Home prices tend to go up when supply is tight. Home prices in some area markets gained as much as 10 percent.

The number of active listings on the North Texas Real Estate Information System, commonly called the multiple listing service, was 20,569, down 8 percent.

Homes were on the market an average of 53 days before being sold in April, down 10 percent from April 2013. Since the tight housing market began several months ago, some Realtors have reported sales going much faster and multiple offers being made.

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