For 6 months in a row, sales of pre-owned homes in the North Texas area have increased by 5% in December compared to the previous year. The December increase and gains in recent months were enough to eliminate all the home sale declines in the early part of 2011. By the end of 2011, 64,240 homes were sold by real estate agents in North Texas, which is roughly the same as in 2010.
It was the first year since 2005 that home sales in the area didn’t decline. In addition, the number of homes on the market was down 23% from 2010. Analysts from the Real Estate Center at Texas A&M University predict a stronger year in 2012. Although they say the recovery is expected to be slow and erratic, analysts are optimistic that this year will see upward trends in terms of home sales and pricing for Texas and Dallas, in general.
The latest monthly report from the Real Estate Center shows pending purchases of pre-owned homes increased by 4% in more than two dozen North Texas counties. This is further confirmed by recent findings showing that new home sales in the Dallas Fort Worth area for the fourth quarter were up by 4% from the year before.
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