DFW tops Texas in third-quarter home sales, with $275,501 median price

DFW led the state in home sales during the third quarter.

More than 29,000 DFW-area homes sold in the period — almost a quarter of total Texas sales, according to a new report by the Texas Realtors Association. Statewide, home sales rose 3.5% from third quarter 2018 levels.

More than 29,000 D-FW area homes sold in the third quarter. PHOTO: Michael Hamtil, Dallas Morning News

“Texas ended the summer selling season with continued growth in home sales and median price in most of the major markets,” Tray Bates, chairman of Texas Realtors, said in the report. “Our housing market remains healthy due to strong demand and steady increases in housing inventory.”

Home sales across the state rose 6.4% in the most recent quarter compared with a year ago. In DFW, home sales by real estate agents were up 5.7% from third quarter 2018 levels.

North Texas median home sales prices rose 3.6% year over year to $275,501. The highest home prices in the state were in Austin where median home costs rose to $310,900. San Antonio has the most affordable homes with a median price of $235,000.

Home sales in Texas picked up this summer when mortgage costs declined from highs at the start of the year.

“During the remainder of the year, we expect attractive interest rates to incentivize homebuyers,” said Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. “In addition, new home construction will continue to pick up in markets such as Houston and Dallas, leading to an increase in housing inventory availability.”

Through the first nine months of 2019, North Texas single-family home sales by real estate agents are running 2% ahead of last year’s pace. Median home sales prices in the area have risen 2% year over year.

Source: Texas Realtors

SOURCE: stevebrown@dallasnews.com

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