NORTH TEXAS - The North Texas housing market was on fire in first quarter 2013. The average preowned home sales price increased 13 percent — one of the best performances seen in over a decade.
The biggest home sales increases since 1Q 2012 were Euless’s 70 percent; Keller’s 53 percent; and Duncanville’s 43 percent.
At the end of 1Q 2013, there was just a 2.6-month supply of houses on the market — down 20 percent from 1Q 2012 and the lowest in more than two decades. The average time on the market was only about 65 days in 1Q 2013. That’s down from almost three months in 1Q 2009.
“Sales volume keeps exceeding the listings,” said James Gaines, an economist with the Real Estate Center at Texas A&M University. “There is no way we should be having the sales volumes we are seeing given the number of listings we have.”
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.