November Preowned Home Sales Defy the Norm in Dallas-Fort Worth
According to the Dallas Morning News, October and November have been back-to-back record sales months for agents moving single-family homes in North Texas, and both months showed double-digit gains from a year ago.
Based on data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems, over 8,600 sold signs went up in the multiple county regions in November, which jumped from 8,376 in October and 7,569 in November 2016. Another 7,967 houses that were under contract and awaiting closing at the end of the month marks a 6 percent increase in pending sales.
"I think people have been anticipating higher interest rates,” James Gaines, chief economist for the Estate Center, told the News. “That may be a partial reason [for the increases].”
Though median home prices have escalated 9 percent in the first 11 months of 2017, 5 percent of the gain occurred in November, which bumped the average home price to $242,100.
Since the darkest days of the housing crash in 2010, purchases have skyrocketed 60 percent with houses below $500,000 accounting for the bulk of sales in the recent month.
Through the Multiple Listing Service, North Texas real estate agents broke all records in 2016 for selling 101,500 previously-owned homes. With nearly 98,000 houses sold during the first 11 months of this year, agents are poised to break their own record in 2017.