Fort Worth home sales increased, prices rise in October 2016
Greater Fort Worth Association of REALTORS® releases real estate statistics for October 2016
FORT WORTH, Texas – November 16, 2016 – Fort Worth home sales increased 2.9 percent in October 2016 while home prices increased, according to the October 2016 Fort Worth housing market report released today by the Greater Fort Worth Association of REALTORS®.
“As we enter a traditionally slower season for the real estate market, we are still seeing strong home sales in the Fort Worth area despite lower inventory,” said Jaci Coan, 2016 President of the Greater Fort Worth Association of REALTORS®. “The Greater Fort Worth Association of REALTORS® encourages all potential home buyers and sellers to work with your local REALTOR® to ensure you get the best experience possible.”
According to the report, 921 homes were sold in Fort Worth in October 2016, a 2.9 percent increase from the year prior. The median price for Fort Worth homes increased 15 percent year-over-year to $189,000 during the same time frame.
Fort Worth’s monthly housing inventory* was 1.9 months in October 2016, 0.4 months less than the same time frame last year. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 32 days on the market in October 2016, nine days less than October 2015. Additionally, active listings decreased 13.1 percent to 1,901 listings during the same time frame.
October 2016 Statistics At-A-Glance
With a growing economy, booming population and high quality of life, Texas is a great place to live, work and do business. As such, the demand for Texas real estate remains strong and enduring. Texas REALTORS® continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.
* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.