Existing home inventory here is at its lowest level in over a decade, thanks to a surge in home sales last month.
North Texas real estate agents sold 5,709 existing single-family homes in November, up 18 percent from the same month in 2011. Robust sales have brought the area’s housing stock down to a 3.9-month supply, the lowest level since the summer of 2000, according to the Real Estate Center and North Texas Real Estate Information Systems.
The shrinking inventory has pushed prices upward as well. The November median sales price was $156,500, up 11 percent year-over-year. The largest yearly price increases were found in Fairview (58 percent), Northwest Dallas (52 percent) and Garland (33 percent).
Source: Dallas Morning News