Pre-owned homes reach highs that best the last decade
San Francisco, CA -- (SBWIRE) -- 02/04/2013 -- Pre-owned homes in North Texas ended 2012 on a high note as they were the best in a four-year period.
The area was able to enjoy a 16% gain in the total of single-family homes that were sold through multiple listing services for North Texas.
The median price on the 2012 homes rose by 8% from 2011, according to numbers released on Tuesday by the Real Estate Center at Texas A&M as well as North Texas Real Estate Information Systems.
Spanning all of last year, 75, 207 pre-owned single-family residences were sold by real estate agents in the area. That was up from 63,832 sales that were the worst seen since the housing-market slowdown.
December sales were particularly good for this year, with a 10% increase from last year's totals.
The local market rebound has occurred much faster than some had predicted, largely due to the drop in the properties on the market, coupled with fewer foreclosures.
I thought that 2012 would turn out to be an OK year, but it turned out to be a whole lot better,” said Dr. James Gaines, an economist with the Real Estate Center. “The market has turned, and it’s strengthening.”
At the end of 2012, there were 3.5-month supply of pre-owned homes listed for sale. That is the lowest inventory of houses in over a decade.
“A lot of people that might be thinking about selling have been holding off putting their properties on the market,” Gaines said. “I think that in March, April and May we will start seeing the spring upswing and things will take off.”
Rich Thomas, executive director of the MetroTexas Association of Realtors, said the Dallas-Fort Worth housing market is tight.
“We’ve got relocation buyers who can’t find what they want and are renting,” said Thomas, who expects to see the number of for-sale signs to grow in the weeks ahead.
“You don’t really start seeing an increase in listings until after the Superbowl is over,” he said.
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