North Texas Home Sales Set New Record In 2014

North Texas Home Sales Set New Record In 2014

North Texas Real Estate agents sold a record number of houses in 2014.

More than 90,000 preowned single-family homes changed hands last year through the Realtors’ multiple listing service.

It’s only a 1 percent increase in total sales from 2013.

But that was enough to make it an all-time high for home sales in the area, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

North Texas home sales in 2014 were about 5 percent higher than before the recession in 2006. And sales have grown by more than 40 percent from the bottom of the housing market slump in 2010 when only 83,832 houses sold.

Home purchases in December were particularly robust – 12 percent higher than a year earlier.

And local sales prices were 11 percent ahead of December 2013 with a median of $193,940.

Median home sales prices in North Texas at the end of the year were almost 40 percent above where they were in early 2010 when the recession had reduced residential values.

Housing analysts and real estate agents say that recent declines in home finance costs helped boost sales in the final months of 2014.

“The mortgage rates have really come down again, below 4 percent generally available,” said Dr. James Gaines, an economist with the Real Estate Center. “Buyers for existing homes are jumping on board, especially if they think rates will start going back up in the coming months.”

Longtime Dallas agent Barry Hoffer with Ebby Halliday Realtors agrees that falling mortgage costs have caught buyers’ attention.

“With the recent announcement from the Federal Reserve that rates may be going back up, buyers who had been considering a home have been taking action,” Hoffer said. “They hate to pay more interest if they don’t have to.”

Hoffer said sales would be even higher if there were more houses on the market.

“We still have a major supply issue,” he said. “The lack of inventory continues to be worrisome.”

In December only 16,518 houses were listed for sale with real estate agents in the more than two dozen North Texas counties the Real Estate Center tracks for its monthly report.

That’s the smallest number of houses available in the area in more than a decade – 14 percent less than in December 2014.


For more information, please contact me or visit my website:

Chris Boyington, Realtor, ABR

U.S. Army Veteran

Homes For Heroes
www.homesforheroes.com/affiliate/chris-boyington
Halo Realty Group
214-598-0221 cell

chrisboyington@yahoo.com

www.northtexasheroes.com


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Dated: February 20th 2015
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