Denton’s available home inventory grew to 24% year-over-year in July. The city of Denton now has over 400 homes for sale. That translates to 3.
2 months of supply at the current pace of sales. Closed sales were 11% lower year-over-year in July. Pending contracts were 14% lower.
As the economy begins to soften from a euphoric period of growth, buyers are finally beginning to question the value proposition again. Median home prices in Denton fell 2.9% from July of last year to $375,000.
Average prices fell 4.2% to $405,536. Area home inventory has rebounded sharply over the last several months.
The real driver in this inventory growth has been a dramatic turnaround in existing homes for sale. Existing resale home inventory in Denton was up 51% from July of last year and 65% in terms of months of inventory. Here’s a county-level view of the resale inventory increases in the Dallas-Fort Worth market through July: The new supply in the market has finally translated into some relief for North Texas renters.
Average rents in the city of Denton fell 7.2% year-over-year, according to North Texas Real Estate Information Systems data. Renters of single-family homes are finally catching a break in financialization nation.
Also, Apartment List shows the rent for an average Denton apartment basically flat from August of last year. Zumper’s national rent report showed rent declines for apartments in every major Texas metro market in July. According to the report at the end of July, For.