ActivePaper Archive N. Texas passes 100,000 in sales - The Dallas Morning News, 2017-01-11

RESIDENTIAL REAL ESTATE

N. Texas passes 100,000 in sales

Preowned homes also reached record in price for 2016

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North Texas preowned home sales topped 100,000 for the first time in 2016. The 6 percent gain for the year came as prices also rose to a record.

Home sales in the area increased 3 percent in December from a year earlier, with 8,365 houses sold by real estate agents, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

For all of 2016, area property agents sold 101,529 preowned single-family homes through their multiple listing service.

The median price of homes sold in December rose to an all-time high of $232,000 — up 10 percent from 2015 levels.

Home prices in North Texas have surged about 40 percent in the last four years. Median sales prices are more than 50 percent ahead of where they were in the midst of the recession.

Even with higher home costs, buyers — especially migrants to the area — have kept purchasing houses.

“Job growth in North Texas remains robust, and there continues to be ample housing demand,” said Ted Wilson of Dallas-based housing analyst Residential Strategies.

Only about 16,400 houses were listed for sale with real estate agents at the end of 2016 in North Texas. That’s a 1 percent decline in inventory from a year earlier and works out to less than a two-month supply.

The biggest increase in preowned home came in purchases of houses priced from $300,000 to $600,000. There was an increase of more than 20 percent in sales of those homes compared with 2015.

Sales of North Texas homes priced $1 million and higher rose 12 percent last year, with 1,367 high-end properties changing hands.

Among houses priced below $150,000, sales fell because of a lack of properties at those levels.

Twitter: @SteveBrownDMN