North Texas Home Sales and Prices are on the Rise as South Struggles to Rebuild
As South Texas continues to rebuild following the devastation that was brought by Hurricane Harvey, North Texas flourishing in terms of home sales and prices. According to reports both home sales and prices were on the rise in the month of September compared to just one year ago.
"Real estate agents sold 9,285 preowned single-family homes in the area last month. That's a 3% gain from September 2016 sales, according to new data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems," according to National Mortgage News.
"Median home prices rose by 8% from year-ago levels to $242,000."
While the increase in home prices and home sales are on the rise, experts say that an annual rise in home prices at this rate will soon begin to affect affordability according to the report.
We've reported this happening in surrounding areas if Seattle where home prices are beginning to discourage prospecting buyers. Should this happen, the amount of home sales will fall thus causing the market to move in a less desirable direction.
"Home sales prices in North Texas are up almost 10% so far this year," according to the report.
"And for the first nine months of the year, the number of houses sold through the real estate agents' multiple listing service is 4% above 2016's record volume."
Experts say that a more balanced market would be better despite this incredible numbers. If you would like to learn more about the increase in home prices and sales in North Texas, click on the image above.
