North Texas Home Sales Continue to Rise
July 10, 2012 – DALLAS – Home sales in North Texas continue to exceed expectations during the first half of 2012 with June figures 11% higher than the same month in 2011. According to the MetroTex Association of Realtors the market could improve even more during the second half of the year.
“Closings for existing-home sales have been notably higher since the beginning of the year,” said Patricia Mays, 2012 MetroTex President. “Existing home inventory is low and is creating a very competitive market. If housing starts rise and add to the total inventory we could have a healthier supply later in the year and in 2013.”
The June inventory of existing homes for sale in DFW is 22% lower than the same month of 2011 but continues to create a more aggressive environment.
During the first six months of 2012 the North Texas market experienced a 14% improvement in sales compared to 2011.
According to the National Association of Realtors (NAR) sales are improving nationwide. “The housing market is clearly superior this year compared with the past four years," said Lawrence Yun, NAR chief economist. "The latest increase in home contract signings marks 13 consecutive months of year-over-year gains and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.”
The interest rate continues to remain low and is a key reason that buyers are very engaged in the market. Unfortunately tight credit conditions continue to limit the number of potential buyers that would like to enter the market.
“If credit conditions loosened up more people could experience the dream of homeownership,” said Mays. “We have incredible housing affordability conditions so it’s upsetting to see so many consumers not have the opportunity to become successful buyers.”