D/FW Existing Home Sales Jump 18%

Last week’s report from the North Texas Real Estate Information System, Inc. brought good news on the local market, which includes 24 counties:

- Sales of pre-owned homes jumped 11% from March 2009 with 6,036 sold
- Pre-owned condo sales climbed by more than 31% with 360 sold
- Median home sales prices increased by 6% to $144,900
-Pending sales (homes under contract to sell in April) rose 22% to 6,812

“Clearly, the expanded tax credit’s pending expiration on April 30 contributed to this spike in sales,” says Virginia Cook, CEO of Virginia Cook, Realtors. “We also need to remember that the March statistics are being compared with a period a year ago when housing hit its lowest point.”

“However, we continue to feel good about living and working in one of the nation’s strongest economies with a stable housing market,” she added.

The inventory of 36,730 pre-owned homes for sale represents a balanced 6.4-month supply. That number does not include some foreclosures that are not listed in the MLS, a statistic that Virginia Cook associates evaluate as they prepare competitive sales strategies for clients.

Other numbers to be watching are mortgage interest rates – which true to our predictions - are showing signs of rising from historic lows.

This market cycle we are in is very unique, and conditions mean different things to home buyers, sellers, investors and even owners who simply want to know the current value of their home.