October home sales at record high in Temple

TEMPLE – Homebuyers spent a record $21.4 million on 148 Temple area properties. The only other October in which sales were arguably higher was in 2006, when there were 156 area transactions totaling $18.9 million, according to the Real Estate Center at Texas A&M.

Historically a bleak sales month, October transactions dropped to a mere $12.4 million in 2008 and $15 million in 2010. In 2011, just 114 area homes were bought and sold in October.

The typical buyer was moving from a starter home into “a second-tier or a little larger home to accommodate their expanding family,” said Bradley Sheppard, president of the Temple-Belton Board of Realtors.

Temple-area home prices, including distressed sales, increased 6.1 percent compared to October 2011. Prices were up 0.3 percent from the month before, according to a report by CoreLogic.

November sales are expected to show a 7.1 percent increase, according to projections by CoreLogic.

The average Temple-area home sold was $144,900, according to the Center. Inventory also improved. The number of houses on the market dropped to a healthier 7.6 months, down from 8.7 months’ worth in October 2011.

Read more at the Temple Daily Telegram.