After years of booming sales, two-thirds of Dallas-area residential districts saw a dip in home purchases in 2018.
Higher mortgage rates and a sparse inventory of affordable homes are credited with the slowdown.
Some of the biggest sales declines were in affluent neighborhoods in North Dallas and Collin County.
But sales in more moderate-priced areas, including Duncanville and Grand Prairie, were also off by double-digit percentages from 2017’s record home buys.
Not every area saw a falloff in home purchases.
Neighborhoods with the biggest sales increases include the West Lake-Trophy Club area and McKinney.
But total sales of homes sold by real estate agents were down more than 5 percent for all of the 45 residential areas The Dallas Morning News tracks.
While home sales lagged in 2018, median prices of properties sold in the year were up in almost every Dallas-area neighborhood.
Sales prices of single-family homes rose 11 percent in DeSoto, North Dallas and Oak Cliff, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
Prices were up 10 percent in Cedar Hill and southeast Dallas and 9 percent in Lancaster, southern Dallas and Irving.
Home prices for all of North Texas were 5 percent higher in 2018 than in 2017, following 9 percent and 10 percent gains in the previous two years.
The number of homes for sale in the Dallas area was more than 20 percent higher at the end of the year compared with December 2017 levels.
The largest month’s supply of houses offered for sale by real estate agents at year-end were in North Dallas (5.7 months), Oak Lawn (5.7 months) and the Park Cities (5.6 months).
Home inventories were lowest in Duncanville, Lancaster and southeast Dallas, all of which had just a 1.1-month supply of houses on the market.