Murphy, Richardson, Plano and surrounding communities real estate information, sales, investing, and community information.
Tuesday, February 12, 2013
NORTH TEXAS HOME SALES START YEAR STRONG
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%.
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