North Texas home sales down 5 percent in April from year ago

DALLAS-FORT WORTH – Sales of preowned single-family homes in North Texas fell 5 percent in April 2014 when compared to April 2013, according to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

The rate of home price increases also slowed dramatically. It was just 4 percent higher year-over-year after rising at a double-digit rate.

So far in 2014, sales are off 3 percent from the first four months of 2013. On average, it took 53 days to sell a house, but much faster home sales are reported in many neighborhoods. There is currently less than a three-month supply of houses available for purchase.

Price gains in first quarter 2014 were also up 9 percent from 1Q 2013, slightly better than the 8.6 percent national home price gain.

North Texas home prices are now almost 30 percent ahead of where they were in 2011.