While sales soared in May to the highest level in four years, Real Estate agents sold 22% more homes than in May 2011, according to The Real Estate Center at Texas A&M University. In addition, home sales in North Texas were up 16% from the first five months in 2011. The surge in spring home buying does much to ease fears that our local housing market could slip back into recession.
Some other points of interest:
- Area home sales have been higher the last eleven months than the previous year
- Number of homes on the market for sale in DFW, down more than 22 percent
- In May, average days on the market to sell a house was 70
- End of May, only about a five month supply of houses for sale on the market
- Six month supply considered a balanced market.
- Agents say “demand in some neighborhoods is out stripping the supply”
- Multiple offers are being seen on some properties
- Buyers want to take advantage of low prices and low interest rates
- Home sales in affluent neighborhoods like Park Cities and North Dallas up more than a third from a year ago
- Sales up 54 percent in Frisco, 41 percent in Allen
- Strongest markets continue to be those spanning the northern suburbs of D-FW
- Median price of homes sold in North Texas was $162,500, highest level in two years
That my friends, is some good news!