Monday, September 10, 2012

Dallas-Fort Worth home sales up 18 percent in August - Dallas Morning News (blog)

An 18 percent increase in August preowned home sales marked the eighth month in a row that North Texas home purchases were higher than the previous year.

And median sales prices in August were 8 percent ahead of year ago levels.

Real estate agents sold 7,986 single-family homes through their multiple listing service last month, according to statistics from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

It was the largest number of homes was sold in a single month since before the recession.

With August’s gains, preowned home sales in North Texas are up 16 percent for the first eight months of 2012 vs. the same period in 2011.

Median home prices are up 7 percent so far this year, according to the real estate agents’ data.

Because of the strong sales, the number of preowned single-family homes on the market in North Texas has fallen by almost 20 percent from last summer. On average, it now takes about nine weeks to sell a house in the area.

There is currently less than 4.5-month supply of homes listed for sale with agents. That’s the lowest inventory in more than a decade.

Pending sales for September â€" properties under contract but not yet closed â€" are 11 percent higher than last year, indicating another strong housing month ahead.

Some North Texas residential districts saw huge increases in August sales, including the Park Cities (up 55 percent from last August), North Dallas (up 35 percent) and Trophy Club-West Lake (up 86 percent).

Only about a handful of residential areas continued to see declines in sales last month.
August’s strong housing numbers should erase any doubt that the North Texas home market has turned the corner.

Along with increased sales and prices, the number of North Texans who are behind in mortgage payments has fallen this year. And home foreclosure filings in the Dallas-Fort Worth area are also falling again after a recent rebound.

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