North Texas Home Prices Bounced Back In May
Posted On 9:40 pm
Are you planning on buying a home in Dallas or elsewhere in North Texas? If so, the good news is that North Texas home priced bounced back in May. This could be due to the fact that it’s prime selling season or the fact that interest rates have been dropping for 6 weeks, regardless of the reason it’s a great time to buy a home in Dallas
About Local Home Prices
Local real estate agents sold 11,308 single-family homes last month — 6% more than in May 2018.
May’s jump in area home buys pushed total sales up 1% higher so far in 2019 than in the first five months of last year, according to preliminary data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
So far this year, more than 41,700 houses have changed hands in the area through the real estate agents’ multiple listing service. Gains in the last couple of months reversed declines in North Texas home sales early in the year.
“I think lower mortgage rates are the big change,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies Inc. “There is a little bit of renewed enthusiasm for housing with a less expensive cost of money.”
Late last year, when average mortgage costs approached 5% for long-term loans, buyers took a break from the market. The higher finance costs combined with years of home price increases to make homeownership less affordable.
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