Some of the lowest mortgage rates in years fueled an 11% jump in North Texas home sales in October.
Real estate agents sold almost 9,100 single-family homes in the area last month — the most purchases on record for the month of October.
It was the biggest year-over-year percentage home price gain in almost two years, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
“I’m not surprised because everything we are hearing in the market is real good,” said Paige Shipp of housing analyst Metrostudy Inc. “It’s the mortgage rates, and consumer confidence feels a little bit better.”
October’s home sales also looked strong compared with a year ago because buyers had pulled back from the market last fall.
“Last year mortgage rates had moved up and sales were down — things at this time were so slow it makes last month’s increase look more shocking,” Shipp said.
Through the first 10 months of 2019, North Texas real estate agents have sold 91,847 single-family homes — 3% more than the same period last year.
Along with the higher sales volumes, prices also rose 6% in October year over year. The median price of houses sold in the area was $264,000.
October’s price rise was twice the rate so far in 2019.
The number of properties listed with local real estate agents barely increased. At the end of October, there were 24,920 single-family homes up for sale in the more than two dozen North Texas counties included in the survey, 1% more than in October 2018.
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