Fort Worth home sales decreased, prices rise in December 2016
Greater Fort Worth Association of REALTORS® releases real estate statistics for December 2016
FORT WORTH, Texas – January 18, 2017 – Fort Worth home sales decreased 4.4 percent in December 2016 while home prices increased, according to the December 2016 Fort Worth housing market report released today by the Greater Fort Worth Association of REALTORS®.
“Decreased home sales are a common occurrence during the winter months, and December’s statistics reflected that. Inventory and sales were both down, while home prices continue upward,” said Callen Miller, 2017 President of the Greater Fort Worth Association of REALTORS®. “A REALTOR® with GFWAR can help buyers and sellers determine what is best for them in this market.”
According to the report, 971 homes were sold in Fort Worth in December 2016, a 4.4 percent decrease from the year prior. The median price for Fort Worth homes increased 13.8 percent year-over-year to $196,800 during the same time frame.
Fort Worth’s monthly housing inventory* was 1.6 months in December 2016, 0.1 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 37 days on the market in December 2016, four days less than December 2015. Additionally, active listings decreased 4.3 percent to 1,564 listings during the same time frame.
December 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.