According to the Dallas Morning News, real estate agents in the area have sold nearly 8,000 single family homes in August. Thats an 18 percent increase in pre owned home sales, and the 14th month in a row that purchases have been higher than the prior year’s. That’s hardly the end of it, though. August’s regional sales mark the highest volume sold in a single month since the start of the 2007 recession, with median sales prices a full 8 percent ahead of levels years ago. September’s Pending Sales — properties in the process of being sold, but are not closed — are 11 percent higher than last years, predicting the trend will continue into coming months.
But this Texas-sized market boom doesn’t end at Dallas-Fort Worth. Other Texas markets including Austin, Houston, and San Antonio are seeing big gains over last month’s numbers. Some North Texas districts enjoyed massive increases in August sales. Trophy Club-West Lake, up 86 percent from last year, saw the largest increase in sales, followed by Park Cities with 55 percent and North Dallas with 35 percent. Due to the increased sales, available pre owned family homes on the market in North Texas has fallen by 20% since last summer.
We’re all glad to see that the Texas real estate market is bouncing back, but it doesn’t come as a complete surprise to some. Economists at Texas A&M University’s Real Estate Center say that Texas didn’t suffer as severe an economic disparity or massive housing bust as other states, which made it’s climb back to the top all the easier.
Currently, realtors have less than a 4.5 month supply of homes listed for sale with agents, the lowest inventory in more than 10 years, and with interest rates so low they look to be going fast! If you’re interested in finding a Stephenville home for sale today, feel free to contact us.