‘ & –>‘
‘ & –>Existing-home sales in North Texas dropped 22 percent in September, marking the fourth straight month of declines compared with a year earlier, the latest Texas A&M University Real Estate Center housing market report shows.
In the 29-county North Texas region, 4,704 houses were sold, the report says. Year-to-date sales through September were down 3 percent.
If there’s any good news, it’s that the sales declines weren’t reflected in prices, said Jim Gaines, an economist at the Real Estate Center.
The median sales price last month was $147,500, a 3 percent increase from a year ago.
Locally, Colleyville bucked the sales trend, posting a 63 percent jump in September. There were also higher sales in five other submarkets: downtown Fort Worth, Grapevine, northeast Arlington, central Arlington/Dalworthington Gardens/Pantego and southwest Fort Worth/Forest Hills/Everman.
Sales in central-east Arlington were unchanged. The largest decline, 60 percent, was in Roanoke.
Gaines said home sales peaked early in the year because of the federal home buyer tax credits, and the number has been trending down since. It also peaked about this time last year, when the first round of tax credits was issued, so it’s no surprise that the numbers are down, he said.
“We expected numbers to be down, we just didn’t know how much,” Gaines said. “October and November are going to be bad. There was a big spike up late last year because of the tax credit. October and November, as far as I’m concerned, are out the window.”
It will take time for the tax credit’s effects to disappear from the market, he said, predicting year-to-year declines again next year in March, April and May because those months are compared to the peak of the tax-driven sales.