Home sales in the Dallas/Fort Worth metro area fell 7.5 percent in August from their year-earlier level, while prices maintained modest growth, according to preliminary statistics provided by North Texas Real Estate Information Systems.
Realtors recorded 8,386 single-family home sales last month, down from the August 2005 level of 9,067.
The median single-family home price gained 3 percent during the period, rising from $148,000 to $152,500.
There were 15,245 new single-family listings placed on the market in August, up 10 percent from the year-ago level, bringing the total number of single-family inventory to 46,818 listings, which is 10 percent higher than a year ago.
The condo/townhome market fared better last month, as sales of those units gained 6.7 percent year-over-year. Sales reached 545 in August, up from 511 in August of last year.
The median price paid for a condominium/townhome was $119,950 in August, an increase of 9 percent from the year-ago price of $110,000.
Condominiums and townhomes spent an average of 68 days on the market last month, down considerably from 83 days posted one year earlier, while single-family homes sold after an average 66 days, compared with 68 days last year.
NTREIS serves more than 23,000 MLS subscribers of 16 shareholder Realtor associations in the Dallas/Fort Worth area, covering 4,000 real estate offices.