Dallas-Fort Worth avoids U.S. housing glut

In the Dallas-Fort Worth area, the number of pre-owned houses on the market hasn't increased significantly in the last two years. At the end of February, about 43,000 homes were for sale in the Realtors' multiple listing service. That's up only about 2,000 listings from February 2006. And while there is almost an 11-month supply of homes on the market nationwide, in the DFW area, the inventory of houses has stayed close to a six-month supply for the last four years. During the first two months of 2008, median home prices in North Texas fell 2 percent to $138,000, according to the latest statistics from the North Texas Real Estate Information Systems. That's down from a peak of about $155,000 last August. For all of 2007, median home sales prices here were up a scant 1 percent. Total pre-owned home sales were down about 8 percent last year in North Texas, ending a string of record sales totals. North Dallas and the Park Cities both saw a 28 percent jump in home listings during the first two months of 2008 compared with the same period of 2007. And listings this year are up 16 percent in Sunnyvale and 12 percent in McKinney. During the first two months of this year, on average it took 103 days to sell a house in the Park Cities. That compares with about 87 days area wide. Overall sales times are up only about a week at the end of February compared with a year earlier.

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