Puzzling stats; DFW sales up 26 percentPuzzling stats; DFW sales up 26 percenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=154472016-12-19T06:00:00Z2016-12-19T23:00:00Z

DALLAS – North Texas home sales boomed in November 2016, increasing 26 percent from 2015.

It was the biggest year-over-year home sales gain for the area in almost four years.

"The November numbers just rocked," said Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University. 

"We've been tracking it on a daily basis and have been amazed.
"I don't know if it was the election or the interest rates rising, but people have been buying a lot of houses—more than we expected for sure," Gaines said.

North Texas real estate agents sold almost 7,900 pre-owned single-family homes in November 2016, according to data from the Real Estate Center and North Texas Real Estate Information Systems (NTREIS).

The jump in sales came at a time of year when traditionally, the home market is slowing down with the holidays approaching.

Most of the houses sold in November 2016 would have been put under contract before Election Day. But there were already signs that mortgage costs would be moving higher.

Higher home finance costs in the last month have already added about $80 a month to the payments on a mid-priced, pre-owned Dallas-Fort Worth home and have driven up the monthly cost on a median-priced new house almost $120 a month.

Dallas Morning News
Dallas-Fort Worth-Arlington

Check out Dallas-Fort Worth Housing Market Research for reports from a variety of sources.

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