Dallas-Fort Worth home sales jumped 29 percent in OctoberPosted: November 9, 2012
Did you see the news in today’s Dallas Morning News. Home sales have jumped 29 percent in October. I don’t see it slowing down, either! With interest rates continuing to be at the lowest rates in history buyers are buying. There still is NOT enough inventory on the market. A lot of buyers are mistaken that it is still a buyer’s market, but they find out real fast they can’t be as picky if they really need to move. We are seeing more and more homes getting multiple offers. See more info in this article from the DMN.
Dallas-Fort Worth home sales jumped 29 percent in October
By STEVE BROWN
STEVE BROWN The Dallas Morning NewsReal Estate Editor firstname.lastname@example.org
Published: 08 November 2012 08:23 PM
North Texas home sales soared by 29 percent in October as buyers rushed to take advantage of low financing costs. Last month saw the biggest year-over-year increase in pre-owned single-family home sales in the area in more than three years, according to data released Thursday by the Real Estate Center at Texas A&M University.
“The market has continued to strengthen through the fall,” said David Brown, who heads the Dallas office of housing analyst Metrostudy Inc. “With interest rates at historical lows, demand for both new and existing homes has remained strong. “It looks like sales will remain strong through the end of the year, with pending sales up 20 percent from a year ago.”
Along with the jump in sales, median home prices were 9 percent higher than in October 2011. Counting last month’s big gains, home sales in North Texas have been rising for 16 straight months. “The strong increase in home sales this year suggests consumers are feeling more comfortable,” said D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas.
“Thanks in part to very low interest rates, buying a home now makes sense to many North Texans who might have been waiting for a sure sign of market recovery,” she said. “Rapidly rising apartment rents this year are also likely driving some of the growth in the pre-owned home market.”
Through the first 10 months of 2012, real estate agents have sold 17 percent more homes through their multiple listing service than in the same period of 2011, according to the Real Estate Center and the North Texas Real Estate Information Systems.
Some North Texas residential districts saw huge spikes in home sales in October. Sales were up 79 percent from a year ago in North Dallas, 71 percent in northeast Dallas and 59 percent higher in Far North Dallas and Coppell. With the bump in home purchases, the supply of homes on the market continues to decline. Home sales listings for North Texas were 18 percent lower in October than a year earlier. There’s currently only a 4.1-month supply of houses on the market in the more than 24-county area including in the survey.
“The limited supply of available homes and improved sales are likely to lead to above normal home price appreciation through the end of the year and into 2013,” Brown said. “The recovery in the housing market is continuing to gain momentum.” Thursday’s monthly home sales data was just the latest in a string of upbeat reports about the Dallas-Fort Worth housing market. On Wednesday, the National Association of Realtors said that D-FW’s third-quarter home prices were up 8.8 percent — the largest such increase in more than a decade in the quarterly report.
Home foreclosure filings in the area have dropped by about 10 percent this year to the lowest level in more than a decade, according to numbers from Addison-based Foreclosure Listing Service. Real estate agents are reporting big increases in business this year.