Remax report shows: Home sales rose and prices fell in July

DALLAS – Home sales increased in July compared to a year ago and the median sales price fell for the first time this year in 51 metropolitan areas, according to a new report from Remax.

So how does Dallas-Fort Worth compare to the rest of the country in terms of real estate sales and prices?

The nationwide median price of $425,000 was $5,000 — or 1.2 percent — lower than in June, according to Remax. Home sales in July rose 6.7 percent from a year ago, and the median sales price also rose 3.7 percent over the past year, the report said.

DFW saw a 2.2% year-over-year decline in median home sale prices, with the median sales price falling from $408,995 in July 2023 to $400,000 in July 2024 — the second-largest decline in the country. Bozeman, Montana, saw the largest year-over-year decline in home prices in the country, according to Remax, with the median sales price falling 8.6% from $725,000 to $663,000.

Raleigh, North Carolina, experienced the third-largest year-over-year home price decline in the country, with the median sales price falling 1.3% from $445,000 to $439,355.

Home sales are also rising in DFW.

Home sales in DFW are up 4.2% year over year, with 8,306 transactions reported this year compared to 7,969 last year, the report said.

The housing supply is also improving.

Monthly housing inventory in DFW increased 54% from 2 months last year to 3.1 months this year. Active inventory also increased nearly 50% from 18,845 last year to 28,218 this year.

“We're definitely seeing a big shift in the market where sellers no longer have the advantage they've had for years. In fact, we're seeing a large number of transactions where buyers are making offers well below the asking price and those offers are being accepted,” said Todd Luong of RE/MAX DFW Associates. “It's been a while since I've had multiple offers on my listings. Those kinds of competitive situations just don't happen as often in this market anymore.”

Nationally, housing inventory increased 1.8% in July from June and 36.7% year-on-year. This occurred despite a 9.4% decline in new listings from June, although new listings increased 7.1% compared to July 2023.

The average number of days a property in North Texas spends on the market has increased about 26% over the past year, from 38 days to 48 days.

Remax's National Housing Report is based on Multiple Listing Service (MLS) data for 51 markets surveyed across the country.

“July's real estate activity is a promising sign of market resilience. Inventory has rebounded from historic lows of recent years, giving buyers far more options – despite the recent decline in new listings. As the industry prepares to adapt to several new changes in business practices, home buyers and sellers should seek out a trusted advisor who offers them the skills, knowledge and experience to guide them,” said Amy Lessinger, President of Remax.

Click here to view the full Remax Homebuilding Report for July.