"Some people walk in the rain, others just get wet.”- Roger Miller

This is the first time that I can remember in a long time that the first official day of fall truly feels different.  We had rain and cooler temperatures for our area of North Texas.  Some areas in DFW got too much rain and we had issues of flooding but today we are enjoying the cooler temps and fresh rain as we have officially transitioned from summer to fall.  In our North Texas markets, we are still seeing signs of cooling in the markets.  The median sales prices are still up but the rate of increase has slowed.  We are also seeing increases in inventory and the number of days on the market, the number of sales has continued to decrease from the same time last year -all signs of a cool down.   The Texas economy remains strong with 26 consecutive months of job growth.  Mortgage rates are continuing to increase after being at historical lows for an extended time.  Here are the numbers for the month of August:

AUGUST 2018

Denton County
$314,000 | +6.4%

Collin County
$335,000 | +3.1%

Dallas County
$241,700 | +3.9%

Tarrant County
$232,500 | +4.3%

As you can see all four counties continue to see price increases but these increases are at a much slower pace than before. We have been seeing double-digit growth but now we are only see much smaller increases in the median sales price. For comparison here were the same stats exactly one year ago:

AUGUST 2017

Denton County
$297,000 | +10.0%

Collin County
$325,000 | +5.9%

Dallas County
$233,000 | +12.3%

Tarrant County
$223,000 | +11.5%

AUGUST 2018

Denton County
$139 | +5.3%

Collin County
$137 | +2.2%

Dallas County
$134 | +5.5%

Tarrant County
$120 | +7.1%

Similar to the median sales price data, the median price per square foot is also up but at single-digit percentages.

AUGUST 2018

Denton County
$1,175,000 | -2.1%

Collin County
$1,198,500 | -0.1%

Dallas County
$1,399,000 | -9.7%

Tarrant County
$1,300,000 | -3.3%

Also of note, the top of the market is definitely softening as prices are down for properties over $1 million in all four counties. 

AUGUST 2018

Denton County
1,443 | -8.7%

Collin County
1,546 | -10.0%

Dallas County
2,339 | -3.5%

Tarrant County
2,695 | -1.9%

Volume is down in all four counties as the number of sales has decreased from the same time last year. 

AUGUST 2018

Denton County
3.1 | +10.7%

Collin County
3.7 | +15.6%

Dallas County
2.8 | +3.7%

Tarrant County
2.4 | +4.3%

Inventories are increasing in all four markets.  Inventories do typically increase as we head into the slower selling seasons but the months of supply has increased since this same time last year.  Inventory is still low which drives the prices up but as inventory continues to increase, the market will shift out of a strong seller's market to a more balanced market ( typical 4-6 months of inventory).  For comparison, here are last year's numbers:

AUGUST 2017

Denton County
2.7 | +17.4%

Collin County
3.1 | +29.2%

Dallas County
2.4 | +4.3%

Tarrant County
2.1 | 0.0%