Tuesday, February 12, 2013
The Dallas Morning News reports that area home sales started the year at a blistering pace. Metroplex real estate agents sold 4,733 existing single-family homes last month, the largest January total since 2007 and the second-best selling January in a decade. Along with the rapid rate of sales comes a dwindling inventory of listings that worries Real Estate Center Research Economist Dr. James Gaines.
With only a 3.4-month supply of existing homes on the market, “that inventory is getting to a critical level,” Gaines said. “That’s so low, it is going to put a strain on the market . . . that means the prices will start being bid up.” The median price for single-family homes sold in January rose 9% compared with the same month last year. Sales prices for condominiums also jumped, 14%.