Wednesday, October 15, 2014

North Texas home sales, prices moved higher in September

North Texas preowned home sales rose 6 percent in September from a year ago.
But the increase wasn’t enough to move the needle for total sales so far in 2014.
Through the first nine months of the year, real estate agents have sold 69,216 preowned single-family homes in North Texas. That’s a 1 percent decline from the same period in 2013, according to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
Real estate agents sold 7,841 preowned houses in September.
With pending sales up strongly at the end of last month, the outlook for the rest of the year is looking better.
“The existing home market is not experiencing the typical seasonal slowdown this year,” said David Brown of housing analyst Metrostudy Inc. “With pending sales in September so high, closings in October and November are likely to be up year over year.
“It is looking like we might actually see a small increase in sales for the year even though inventory is almost nonexistent.”
The median sales price of those homes was $186,500, 8 percent more than in the same month last year.
For all of 2014, median home sales prices are running about 7 percent higher than the previous year, the data shows.
Homes listed for sale with real estate agents remain in short supply. In September, there was less than a three-month supply of homes available in the multiple listing service in the more than two dozen counties included in the report.
“It looks like the existing housing market is going to finish on a strong note this year,” Brown said. “Year-to-date, the sales are pretty much flat compared to the prior year, which is pretty amazing when you consider that inventory is down 10 percent from what was previously a record low.”
The average time to sell a house was 57 days.
Local home sales have been up from a year ago in only four of the nine months so far in 2014.
Housing analysts blame the tight market, higher prices and tough mortgage qualifying standards for keeping the housing market in check.
“We have heard anecdotal stories about buyers getting priced out of the market in certain neighborhoods,” Brown said. “This is why we are only seeing high-single-digit appreciation rates this year.
“However, the home price appreciation is still running about double our historical average and is likely to stay above long-term trends as long as the job and population growth remains strong and inventory remains constrained.”North Texas preowned home sales rose 6 percent in September from a year ago.
But the increase wasn’t enough to move the needle for total sales so far in 2014.
Through the first nine months of the year, real estate agents have sold 69,216 preowned single-family homes in North Texas. That’s a 1 percent decline from the same period in 2013, according to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
Real estate agents sold 7,841 preowned houses in September.
With pending sales up strongly at the end of last month, the outlook for the rest of the year is looking better.
“The existing home market is not experiencing the typical seasonal slowdown this year,” said David Brown of housing analyst Metrostudy Inc. “With pending sales in September so high, closings in October and November are likely to be up year over year.
“It is looking like we might actually see a small increase in sales for the year even though inventory is almost nonexistent.”
The median sales price of those homes was $186,500, 8 percent more than in the same month last year.
For all of 2014, median home sales prices are running about 7 percent higher than the previous year, the data shows.
Homes listed for sale with real estate agents remain in short supply. In September, there was less than a three-month supply of homes available in the multiple listing service in the more than two dozen counties included in the report.
“It looks like the existing housing market is going to finish on a strong note this year,” Brown said. “Year-to-date, the sales are pretty much flat compared to the prior year, which is pretty amazing when you consider that inventory is down 10 percent from what was previously a record low.”
The average time to sell a house was 57 days.
Local home sales have been up from a year ago in only four of the nine months so far in 2014.
Housing analysts blame the tight market, higher prices and tough mortgage qualifying standards for keeping the housing market in check.
“We have heard anecdotal stories about buyers getting priced out of the market in certain neighborhoods,” Brown said. “This is why we are only seeing high-single-digit appreciation rates this year.
“However, the home price appreciation is still running about double our historical average and is likely to stay above long-term trends as long as the job and population growth remains strong and inventory remains constrained.”