Dallas Residential Real Estate Market Softens, But Are Slowing Sales Anything More Than a Seasonal Change?

North Texas’ real estate market posted a 4 percent increase in sales for the month of November, the lowest such increase since the 2012 according to the Real Estate Center at Texas A&M University.

Gleaning numbers from NTREIS, the center’s report showed a 12 percent decrease in condo and townhome sales, too.

But instead of freaking out about whether increasing mortgage rates or dwindling inventory is to blame, maybe this is a case of a very hot, hot, hot spring/summer season and a seasonally slow fall/winter?

From Steve Brown’s DMN story:

Even with November’s smaller increase, sales of pre-owned homes through the first 11 months of 2013 are 18 percent ahead of where they were in the same period last year, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

And November saw no decline in the pace of North Texas home price increases. The median home sales price in the region was up 10 percent last month to $170,000, according to sales by real estate agents through their multiple listing service.
Economists have been watching for a softening in the rate of growth in the Dallas-Fort Worth housing market, which has seen unprecedented increases in prices and huge jumps in purchase volumes this year.

“We’ve been expecting things to slow down,” said Dr. James Gaines of the Real Estate Center. “Some is seasonal, but the year-over-year numbers are a little lower than I thought they’d be.”

So, has the fall been unseasonally slow for you, our dear Realtors? Or are you just noticing the regular drop-off in transactions that happen around the holidays?

(And just in case you’re wondering, the lovely home decked out for the holidays in this post is 16224 Shadybank Dr. in Prestonwood. Gorgeous, innit?)