Good News for DFW Pre-Owned Home Market To Be Released in Dallas Morning News on 9/8/09 by Steve Brown!

Dallas-Fort Worth preowned home sales skyrocket as homebuyers take advantage of tax credit

By STEVE BROWN/ The Dallas Morning News

The North Texas housing market came roaring back in November.

Preowned home sales rose by 31 percent last month from a year ago – one of the biggest such increases on record.

And median home sales prices were up 5 percent.

The big jump in residential transactions came as large numbers of homebuyers rushed to take advantage of the federal home buying tax credit, which has been extended.

Real estate agents in October sold almost 5,500 preowned homes through their multiple listing service, according to statistics released Monday by the North Texas Residential Information Systems and the Real Estate Center at Texas A&M University.

And condo and townhouse sales were up more than 60 percent from a year ago.
November’s robust sales activity is the latest in a string of recent indicators, which show that the North Texas home market has bottomed out and is turning the corner.

Through the first 11 months of 2009, North Texas home sales are down 12 percent from the same period of last year. And median home sales prices are unchanged year to date from 2008.
November was the second consecutive month that Dallas-Fort Worth area home sales rose from the previous year – ending more than a year of consecutive declines.

Some neighborhoods that weren’t impacted by the federal homebuying incentives saw dramatic spikes in home sales last month.

In the Park Cities, preowned home sales soared 81 percent in November from a year ago.
Sales in close in North Dallas neighborhoods rose 48 percent.

And at the end of November, the inventory of unsold homes on the market fell below 6 months which is considered a balanced market.

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/120709dnbizhomesales.32d657683.html

Great Article Regarding Housing Market Recovery in Your Local Area!

I just read a great article entitled "When Will Your Housing Market Recover?" This article goes into detail about how to find out if your own local market is recovering and where to find the information. They mention researching the supply of for-sale homes, median home prices and volume of homes sold, along with other information such as the foreclosure rate for your area. If you've read my blog for long, you know that I post good information about the DFW housing market with hard facts and statistics that can help you if you're not into doing your own research. Read this article though to educate yourself a little more on the process. As always, when you are ready to find that next great home at a great price, visit www.BWHomeTeam.com first and then request a showing from one of our great agents!