ActivePaper Archive Sales rise 5% for month - The Dallas Morning News, 2017-03-09

REAL ESTATE

Sales rise 5% for month

Total of 6,900 sold sets record for February; prices near all-time high

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Jae S. Lee/Staff Photographer

For the first two months of 2017, North Texas home sales are up about 3 percent and median sales prices are 13 percent higher than in the same period last year.

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North Texas home sales grew 5 percent in February, with the most houses sold ever in the second month of any year.

Area median home sales prices were near an all-time high at $235,000, up 13 percent from a year earlier, according to data from the Real Estate Center at Texas A&M University.

Real estate agents sold more than 6,900 preowned single-family homes through their multiple listing service in February, numbers from North Texas Real Estate Information Systems show.

For the first two months of 2017, home sales are up about 3 percent and median sales prices are 13 percent higher than in the same period last year.

“I think it’s because of real demand from new jobs and growth from in-migration,” said Ted Wilson, a housing analyst with Dallas-based Residential Strategies Inc. “I’m hearing the last three or four weeks have been exceptionally strong in buyer traffic and sales.

“It keeps on going despite slightly higher mortgage rates.

It’s definitely a strong spring market.”

Last year, real estate agents in North Texas sold more than 100,000 homes for the first time.

Although home finance costs have moved higher in the last few months, the increases haven’t been enough to cool demand in Dallas-Fort Worth.

Some of the biggest sales increases have been for houses priced between $250,000 and $500,000, the latest data shows.

But sales of high-end properties are booming. In January and February, agents in North Texas sold 177 homes valued at $1 million or more — 64 percent more than in the first two months of 2016.

Less than a three-month supply of homes is listed for sale with area agents. At the end of February, 16,609 single-family houses were available — 1 percent fewer than a year earlier.

The homes that sold in February in the roughly two dozen counties included in the survey had been on the market an average of 48 days.

North Texas’ hot housing market is seeing some of the largest price increases in the country. In the last four years, the cost of a mid-priced D-FW home has jumped more than 40 percent.

Twitter: @SteveBrownDMN