Preowned Home Sales Set New Record

Preowned home sales set record
February rise comes despite higher prices and mortgage rates
By STEVE BROWN Real Estate Editor [email protected]
RESIDENTIAL REAL ESTATE

North Texas home sales rose 10 percent in February from a year earlier, an increase that came even with higher mortgage costs and record home prices.

Real estate agents sold 7,188 preowned single-family homes last month. That was the highest February sales total ever in North Texas, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

For the first two months of 2018, real estate agents sold 7 percent more houses than in the same period of 2017.

The biggest increase in sales so far this year was in homes priced between $200,000 and $250,000.

“The shortage of available housing under $250,000 is acute in D-FW,” said housing analyst Ted Wilson of Residential Strategies.

“This is the part of the market that is experiencing the biggest year-over-year price gains.

“Most builders have a hard time producing housing much under $250,000, so prospective buyers have to turn to the preowned market,” he said. “The leading edge of the millennial demographic is entering its firsttime homebuyer years, so we see no letting up of demand in this price channel.”

At the same time, sales of million-dollar homes are down 7 percent so far in 2018.

In February, the median price of homes sold by local real estate agents was $248,000 — up 6 percent from a year earlier.

More than 17,500 houses were listed for sale in the real estate agents’ multiple listing service.

That’s 6 percent more than at this time in 2017 and equals a two-month supply at current sales rates.

On average, it took 52 days to sell the houses that traded in February.

In 2017, a record of more than 106,000 homes have been sold in the more than two dozen North Texas counties included in the monthly survey.

The D-FW area accounted for almost a third of all home sales in Texas and more than any other of the state’s major metro areas.

Twitter: @SteveBrownDMN

https://www.dallasnews.com/business/real-estate/2018/03/09/north-texas-home-sales-10-percent-february

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