Cindy Miller, Director of Communications
MAY 2012 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR MAY 2012 ARE NOW AVAILABLE
New Listings in the North Texas region increased 4.4 percent to 11,946. Pending Sales were up 7.0 percent to 7,374. Inventory levels shrank 26.9 percent to 33,378 units.
Prices moved higher. The Median Sales Price increased 8.8 percent to $162,100. Days on Market was down 20.5 percent to 84 days. The supply-demand balance stabilized as Months Supply of Inventory was down 35.9 percent to 5.3 months.
In economic news, May's jobs report was disappointing, and there's a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.