North Texas home sales inched ahead in November - The Dallas Morning News

North Texas home sales edged higher in November.

But the year-over year rate of increase was less than in recent months.

Preowned home sales in the area by real estate agents rose by 2% from November 2018 levels, according to the just-released report from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Last months’ rise in sales follows an 11% annual gain in October and a 9% increase in September.

Real estate agents sold 7,711 houses through their multiple listing service in November.

The slowdown in the rate of home sales growth doesn’t surprise Dr. James Gaines, chief economist with the Real Estate Center.

“The last couple of three months have been very, very good months in terms of sales increases,” Gaines said. “The same period of time last year was not good.”

Late last summer and fall rising mortgage rates sent many homebuyers to the sidelines.

As mortgage costs dropped this year, there has been a surge in property sales.

Through the first 11 months of 2019, North Texas home sales by real estate agents have risen 2% from the same period last year. More than 99,000 single-family homes have trade through the Realtors’ multiple listing service.

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Home sales prices in the area rose by 4% in November from a year earlier. The median sales price last month was $261,000.

Year-to-date, home prices in the area are ahead 3%.

More than 23,000 single-family homes were listed for sale in the more than two dozen North Texas counties included in the survey – 2% less than in November 2018.

And pending home sales are up 8% from a year ago with 8,163 homes under contract for sale but not yet closed.

Home Sales Update(Real Estate Center at Texas A&M)

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North Texas home sales inched ahead in November - The Dallas Morning News
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