After five months of decline, North Texas home sales rebounded in November. Single-family home sales by area real estate agents were 4% higher than a year earlier.
North Texas sales totaled 9,743 houses, according to the latest data from the Texas Real Estate Research Center at Texas A&M and North Texas Real Estate Information Systems.
The November increase ended the trend toward moderating sales, which began in the summer. The lack of houses on the market and growing affordability challenges have been credited for the recent slowdown in purchases.
“The housing market continues to be short of any meaningful supply of new or existing inventory,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. “Despite significantly higher prices, we continue to hear reports from Realtors and builder clients that offerings are moving quickly.”
Median home prices in the area continued their climb last month to $348,520 — 18% higher than in November 2020.
Housing costs in North Texas are at record levels.
James Gaines, Texas Real Estate Research Center economist, said some of the huge percentage increase this year is due to a larger share of expensive houses changing hands. “The sales share going to the over $500,000 market has increased,” Gaines said. “Sales of less than $200,000 have declined.
“Some of it is just the arithmetic of the distribution of sales.”
Inventories of homes on the market remain tight. In November, only 8,268 single-family homes were listed for sale with real estate agents — 22% fewer houses on the market than a year earlier. That’s less than a one-month supply.
It took less than 30 days on average to sell a house. Despite predictions of an increase in the number of homes on the market, it hasn’t happened yet.
“I think that’s more wishful thinking,” Gaines said. “In theory we should see it, but in practice I don’t think we are going to.” Even with November’s sales increase from 2020, total single-family sales for the first 11 months of this year are down a scant 1%. Real estate agents have sold 107,485 single-family homes through their multiple listing services so far this year.
© 2022 Real Helpers All rights reserved.