Mortgage rates have hit rock bottom, and Dallas-Fort Worth homebuyers are responding in a big way. According to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems, the area has seen its best September in three years with 8,998 houses sold. Single-family home sales rose 9 percent compared with the same time period last year.
September hasn’t been the only good month
Over the last three months, home sales across North Texas are about 2% ahead of where they were at the same time last year, thanks largely to the fact that interest rates are a full percentage point lower than they were at the same time last year. A quick look at pending home sales suggests that October will be another busy month for agents.
Newly constructed homes are performing particularly well. According to Residential Strategies, new home sales in Q3 were at the highest level since 2006. Builders sold about 9% more homes year-over-year and are responding to demand with more housing starts — a figure that jumped 5% in Q3 year-over-year.
Home prices rise
Naturally, the three-month surge in buying has sent home prices skyward. The median sales price in September was $265,000, 6% higher year-over-year. The recent increase in home prices is roughly double the rate that was seen earlier in the year. Still, Dallas-Fort Worth remains the most affordable of the top 10 largest metro areas in the country.
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