Largest Drop In Home Sales Since 2011

Dated: October 11 2018

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According to the Dallas Morning News North Texas home sales dropped 7 percent in September, the biggest year-over-year sales decline since early 2011, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

Area home sales have been down in three of the last four months. In September, local agents sold 8,260 homes.
Higher mortgage costs and years of rising home prices have caused some buyers to hesitate, reports the Dallas Morning News. 
The median price rose 4 percent to $251,000. Average mortgage rates are currently at 4.7 percent, the highest level in seven years. There are no signs of the growth stopping.
"If it goes up to 5.5 percent by the end of next year, is that going to be the end of the world? No," said Center Chief Economist Dr. James Gaines. "But it is affecting buyer psychology."
With September's sales decline, preowned home sales in North Texas are now flat with the same period of 2017. A record of over 106,000 homes were sold last year. 
"We think things are going to be flat," said Gaines. 
It took an average of 44 days for a home to sell, up 5 percent over the year. Pending sales are down 6 percent to 8,347.
With sales declining, the number of preowned homes on the market in DFW is 25,895, up 16 percent over the year. 
There is currently a three-month supply of homes available for purchase. The Real Estate Center considers a six- to 6.5-month supply a balanced market.
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Terry Ivie

Texas Real Estate Consumer Protection Notice

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