North Texas Home Sales Surged in November
North Texas home prices soared in November with the highest increases in more than three years. And sales of single-family homes by real estate agents were up 23% from 2019 levels. November was the sixth month in a row of double-digit percentage home sales gains in North Texas, according to the latest data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems. More than 9,400 area homes changed hands last month through sales agents’ multiple listing services. It was the largest home sales total ever for the month of November.
So far in 2020, a record of more than 108,000 preowned single-family homes have traded in the area — up 9% from last year.
“With the 30-year mortgage rate hitting record lows, there continues to be strong demand from millennials for housing priced under $300,000, said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies Inc. “Resale listings remain especially tight and have kept pressure on prices.”
A surge in home buying came after the COVID-19 pandemic curtailed property purchases in April and May. But low mortgage rates and a desire for bigger homes spurred by the lockdown sent buyers back into the market starting this summer. The boom in home purchases has continued and shows no sign of a slowdown.
“November 2020′s sharp increase in sales and prices as compared to 2019 is astonishing, as is the steep decline in days on market, down 31%,” said Paige Shipp, vice president of market research at CDCG Asset Management. “Although December has always been a great month to buy a home — for tax reasons — there are historically fewer new listings as sellers are reluctant to show their home during the holidays. So I expect the December stats for activity and prices will be similar to November.”
Pending North Texas home sales — houses under contract but not yet closed — were up 18% in November, indicating another strong month ahead. Area homes sold last month had a median price of $295,000. That’s an all-time high and up almost 20% in the last 24 months.
Home price increases in the area are driven by a severe shortage of properties on the market. In October, only 10,624 single-family homes were listed for sale with real estate agents in the more than two dozen counties included in the North Texas survey.
Housing inventories are down 55% from November 2019. The number of homes on the market in North Texas is at its lowest level in more than a decade...
