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Inventory grows as Texas properties spend more time on the market

by Emily Marek

Both months of inventory and average days on market grew in Texas as sales fell statewide, according to the Q3 Housing Report from Texas REALTORS®.

Across the Lone Star State, closings were down 9.8% year over year, while the median price dropped 1.5% to $340,000. Active listings, meanwhile, increased by 15.2% with 101,078 homes on the market during the quarter, giving the state a 3.7-month housing supply.

Amid decreased sales and growing inventory, homes stayed on the market an average of 82 days during Q3, up 11 days year over year.

The Dallas housing market fared similarly during Q3, with closed sales down 9.3% and the median price down 1.2% to $400,000. Active listings increased by 6.7%, allowing inventory to grow to a 2.9-month supply. The average Dallas home stayed on the market for 73 days, 13 days more than a year prior.

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