North Texas home sales set record in 2019

Are you planning on buying a home in the Dallas Texas area? If so, you will be pleased to know that the real estate market here is strong and home sales set new record highs in 2019.

North Texas’ housing market ended 2019 on a high note, and the jump in sales during the final month was enough to push the year’s home purchases to an all-time high.

Last month’s preowned home sales were up 15% compared with December 2018.

Area real estate agents sold more than 108,000 single-family homes for the year — 3% more than in 2018, according to preliminary data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

“Dallas-Fort Worth winds up with record sales again,” said James Gaines, chief economist for the Real Estate Center. “The Dallas side of the Metroplex was actually a little better than Fort Worth.”

In December, 9,056 houses changed hands, the highest total on record for the final month of any year.

Lower mortgage rates in the second half of 2019 boosted homebuying in the D-FW area and across the country after a slowdown in purchases early last year.

“One of the things that helped was that the fourth quarter of 2018 was a down quarter because interest rates went up, oil prices were down and things slowed down,” Gaines said. “October, November and December numbers looked extraordinarily good on a year-over-year basis.

“The fourth quarter was enough that it made up for some of the slowdowns that started earlier in the year.”

Along with the higher sales in December, median single-family home prices in the area were up 5% year over year to $270,000. For all of 2019, North Texas home prices were 3% ahead of those in 2018, according to the Real Estate Center.

Source – Dallas News

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