Reply #13: Crowded market for selling homes [View All]

http://www.dallasnews.com/sharedcontent/dws/bus/stories/061804dnbusforsale.55862.html

More than 42,000 houses are vying for buyers' attention this summer – the most in almost a decade.

The number of pre-owned homes for sale in the Dallas-Fort Worth area has more than doubled in the last four years, presenting unique problems for real estate agents and buyers.

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Buyers' market?

The number of houses on the market is growing faster than houses are selling. For instance, in May, sales of pre-owned homes were up 1 percent while listings grew by 7 percent, according to statistics from the North Texas Real Estate Information Systems Inc.

The industry's computerized multiple listing service is swelling with the flood of available homes.

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He estimates that the Dallas-Fort Worth area is " probably out of the seller's market but not into the buyer's market phase."

In some areas, that shift is more pronounced. Rockwall has more than an eight-month supply of homes, and there's a 7.6-month supply in North Dallas, according to the latest statistics.

And there's an 11- to 17-month supply of homes priced over $500,000.

Agents say some houses linger on the market because they're priced too high.

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