According to the Dallas Morning News, sales volume and home prices have both spiraled up quickly, going from 2% gains measured in midyear to 6% as measured in October. The jump varied a bit in specific areas around the Dallas-Ft. Worth area. In Dallas County the increase was measured at 10.3% in Dallas County and 10.1% higher in Kaufman County. The fresh data comes from the MetroTex Association of Realtors.
“The market is still strong and with lower interest rates providing better purchasing power, buyers are pushing prices higher,” said Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. “Some of the year-over-year increases in both sales and prices, though, are from fact that both were slightly depressed a year ago when interest rates were high – nearly 5% – and the economy was more shaky.”
With lower mortgage rates, home sales in the D-FW area have risen significantly this summer and early fall. Home sales were almost 33% higher year-over-year in Kaufman County in October. Sales increased more than 21% in Rockwall County, and Denton County saw a 19.5% rise in the number of homes purchased compared with a year ago.
The largest number of sales was in Tarrant County, where the availability of more affordable homes has helped increase purchases.The rise in sales this year has reduced inventories of homes on the market in North Texas — especially properties with moderate and low price tags. Buyers also have been willing to pay a little more thanks to reduced borrowing costs, which adds to overall price appreciation.
