No October surprise for North Texas housing – prices and sales still rising

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This 3 bed, 2 bath home at 2005 Cobblestone Trl in Forney is $179,500 and is currently under contract.

 

 

 

 

By Steve Brown and the Dallas Morning News

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

Median home sales prices last month were 13 percent higher 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 the 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 remains tight, with only a 2.2-month supply of houses 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 with 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 people relocating to North Texas to fill the thousands of new jobs being created is driving housing demand in the area to new levels and keeping property inventories low. Read More >