North Texas home sales: where's the inventory?North Texas home sales: where's the inventory?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=46842014-03-11T10:15:00Z2014-03-11T09:00:00Z

NORTH TEXAS - A shortage of houses on the market is keeping a lid on North Texas home sales in 2014.

So far this year, home sales are unchanged from 2013 levels — a dramatic turnabout from months of double-digit sales gains.

“Sales cannot increase significantly because of the lack of supply,” said David Brown, a housing analyst in the Dallas office of Metrostudy Inc.

For all of 2013, pre-owned home sales in North Texas were up 17 percent from the previous year. But in January, sales of houses by real estate agents fell by 1 percent from 2013.

“This year there are 2,600 fewer homes listed for sale, and the asking prices are up substantially,” Brown said.

Median home sales prices in North Texas jumped 13 percent in January to $175,000. The time it takes to sell a house in the more than 24-county region fell by 14 percent in February, averaging just 64 days.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/residential-real-estate/20140310-north-texas-home-sales-held-down-by-shortage-of-inventory.eceRead more at {Source}

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