Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, is hopeful about the gain. "The increase in existing-home sales occurred in all major regions of the country," he said. "We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year."

But what is happening in our local market? Take a look at Dallas real estate sales for June 2009...

Dallas Real Estate Sales Statistics

Dallas real estate sales were down 12 percent in June with 618 fewer homes sold.  The averages sales price dropped $4,800 or 2 percent while the median price increased $1,80 or 1 percent. The number of homes for sale decreased 19 percent and the months of inventory remained unchanged.

June 2009
Homes Sold: 4,562
Average Sales Price:  $214,200
Median Sales Price:  $166,200
Total Number of Listings:  24,677
Months Inventory: 6.6

June 2008
Homes Sold: 5,180
Average Sales Price:  $219,000
Median Sales Price:  $164,400
Total Number of Listings:  30,340
Months Inventory: 6.6

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