Foreclosures and home prices in Plano and Collin County decrease while inventory remains stable.

According to the CCAR, the duration of homes on the market and the housing inventory remained unchanged month over month, while there was a drop in median home prices this past month.

In this last month, 2,302 new properties were listed for sale, showing a 24.6% increase compared to the same month in 2023, but only two more than the immediately previous month; resulting in 3.8 months of inventory for potential buyers, almost identical to the 3.6 months of the previous month.

The norm for a balanced market is 6 months of inventory. On this occasion, homes were on sale for an average of 40 days in the last month, consistent with the previous month.

Compared to the previous year, the most significant change noted was related to the median price, which was $498,000, a decrease of 2.9% compared to the same period last year, when it was $513,000, and 3.3% lower than the same month in 2023, which marked a price of $515,000.

We can then say that the real estate activity of the last two months has been very similar; with buyers having a wide range of inventory to choose from and sellers eager to close their sales deals, many buyers benefited from reduced sale prices, more flexible financing options, and equally flexible interest rates, making the buying process much simpler and more affordable; this according to some statements by Jamuna Thill, president of CCAR.

Speaking of the state of Texas in general, the housing inventory increased significantly by 39%, resulting in 4.7 months of inventory. As for the average selling price of a house, it remained stable at $345,000. Average prices varied in some other major counties in Texas: for example, Dallas County at $362,750, Harris County at $338,000, and Travis County at $525,000.

As for foreclosures and initiated auction processes, these experienced a slight decrease over the last two months.

Available foreclosures: 

Plano: 15 houses available.

Collin County: 25 houses available.

By Elías DaSilva | 25 de octubre de 2024.