The summer season has brought more than just hot temperatures to the Stephenville area, but scorching housing activity as well.
The National Association of Realtors reported that sales of pre-owned homes in North Texas climbed 27 percent in July compared to the year before. That increase is considered an all-time high for the region.
Also, median home sales prices climbed 12 percent over the same period of time, signaling that not only are sales up but prices are as well, signaling a seller’s market where there are more interested buyers than pre-owned homes for sale.
So what is motivating these new buyers? Prior to the summer buying season, long-term mortgage rates were hovering just below 4 percent, encouraging prospective buyers to commit to a home purchase to take advantage of high affordability conditions. But during the past several months, mortgage rate averages have crept up past the 4 percent mark yet buying activity remains high. How could this be?
James Gaines, an economist with the Real Estate Center at Texas A&M University, told The Dallas Morning News that despite rising mortgage rates, buyers are not deterred as they look at buying a new home right away as preferable to sitting tight and falling victim to an even higher mortgage rate in the future.
That sense of urgency is driving the North Texas housing market, and benefiting home buyers and sellers in regions like Dallas, Fort Worth and Stephenville.
Real estate agents are witnessing firsthand the boom being experienced in the North Texas housing market. The Dallas Morning News cited a survey by North Texas Real Estate Information Systems, which found that real estate agents have sold nearly 53,000 houses in the region in 2013 as of July. That is a 21 percent increase compared to the same period of time in 2012.
Stephenville area homes and Erath County as a whole should continue to see an influx of housing activity, which is why now’s the time to consult a real estate professional. To hear more about area properties for sale or to put your own area home on the market, contact us today.