ActivePaper Archive No surprise in October sales - The Dallas Morning News, 2016-11-10

RESIDENTIAL REAL ESTATE

No surprise in October sales

North Texas home market still strong, data shows

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North Texas’ home market ran up the score in October, with big gains in prices and sales.

Median home sales prices were 13 percent higher last month than in October 2015.

And sales of preowned homes rose 8 percent from a year earlier.

Real estate agents sold 8,418 houses last month, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

The median price in October was $225,000, up $25,000 from a year earlier. On average, it took just 42 days to sell a house in North Texas.

The number of houses for sale in the area was tight, with a 2.2-month supply of homes listed with real estate agents.

“Sales at more affordable prices have been strong for most of this year for both new and existing homes,” said Ted Wilson, principal of Dallas-based housing consultant Residential Strategies. “There continues to be an extremely tight supply of existing home listings under $400,000, and as quickly as many of these new listings come to market, they are sold.”

Wilson said the people moving to North Texas to fill the thousands of jobs being created are driving housing demand to new levels and keeping property inventories low.

At October’s end, 19,326 preowned single-family homes were on the market — 5 percent fewer than a year earlier.

Through the first 10 months of 2016, real estate agents have sold 86,046 homes in the more than two dozen counties in North Texas. Year-to-date sales are 5 percent higher than 2015’s record transactions.

Median sales prices for the first 10 months were 10 percent higher. Dallas-Fort Worth prices are at a record, rising over 40 percent in the last four years.

Paige Shipp, regional director of housing analyst Metrostudy Inc., said there is considerably less demand for higher-priced homes.

“Only 15.1 percent of Multiple Listing Service sales are above $400,000,” she said. “If you dig into the numbers, you’ll see that 70 percent of all Multiple Listing Service sales are below $300,000.”

That’s the price range that real estate agents say is seeing the most traffic from young and first-time purchasers.

Twitter: @SteveBrownDMN