North Texas existing home sales were flat in May, but prices continued to rise as the inventory of homes for sale remained constrained, according to the latest monthly report from the Texas A&M Real Estate Center.
In May, 9,064 homes were sold, down 1 percent from a year ago. For the first five months of the year, 33,841 homes were sold, 3 percent less than a year ago, the report shows.
The median home price rose to $189,900 in North Texas in May, up 6 percent from a year ago. For the year to date, the median home price was $179,900, up 7 percent from the same period a year ago, the report said.
In Tarrant County, Kennedale and southeast Arlington had the largest median home price gains in May, up 43 percent to $294,580 and $107,900 respectively. Prices for condos and town homes in downtown Fort Worth rose 115 percent, to a median of $370,000.
A study of median home prices in 1,567 counties nationwide from January 2004 to March 2014 by RealtyTrac found this month that Tarrant County was one of several counties still at least 25 percent below peak prices.
The California-based housing data firm put Tarrant County’s median price in March at $152,000, below the peak price of $238,000 in January 2008 and above the trough of $115,000 in April 2009.
The number of homes for sale has dropped 10 percent this year, with 20,038 homes listed for sale in North Texas, the Real Estate Center report says.
In May, a home was listed for an average 47 days before selling, down 13 percent from a year ago, the report said. In May, 8,209 sales were pending, up 3 percent from a year ago.