NORTH TEXAS - The number of pre-owned single-family homes purchased in North Texas in August 2013 was up 16 percent from August 2012. But that’s a slowdown from July’s 27 percent growth rate.
Median home prices in August rose 12 percent from August 2012. With demand for homes staying strong and prices rising, the number of houses coming on the market for sale rose in August — up 12 percent from August 2012’s gain.
“We’re beginning to see the shortage of inventory addressed, but it’s still there,” said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University.
Real estate agents sold 9,291 pre-owned houses in August 2013 through the multiple listing service.
August had one of the highest monthly sales totals for North Texas since the recession, according to the Center and North Texas Real Estate Information Systems (NTREIS).
The average time it takes to sell a house in the area has dropped to less than two months.
The number of pending sales in August was at the lowest level since February but still up 9 percent from 2012 levels. Through the first eight months of this year, total pre-owned home sales are up 20 percent in the more than 50 counties included in the North Texas housing report.
Free delivery of NTREIS links under Housing in Dallas-Fort Worth Market Data Sources.