Tuesday, November 10, 2009

Pre-owned home sales score double-digit gain

North Texas pre-owned home sales surged in October – up 11 percent from a year ago.

It was the first double-digit gain in more than two years and the best sign yet that the local housing market has turned the corner.

Real estate agents sold more than 6,300 single-family homes last month through the Multiple Listing Service, according to numbers released Monday by the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

The number of pending transactions is up almost 30 percent from a year ago, and median home sales prices were up 1 percent from a year earlier to $142,000.

At the end of October, just fewer than 34,000 homes listed for sale in the area, a decline of 16 percent from 2008. That works out to just under a six-month supply, which is considered a balanced market.

By STEVE BROWN / The Dallas Morning News