News Flash: North Texas Home Prices Higher in January

Today, North Texans received news that people in many other parts of the country can only dream of hearing. Pre-owned median home prices increased last month from a year earlier. The increase was small – only 1 percent – but significant at a time when numerous other housing markets are still mired in a real estate slump that has sent home prices tumbling.

There was more good news in the new report released by the Real Estate Center at Texas A& M University. About 33,500 homes were listed for sale in North Texas in January – about 10 percent less than the same time last year. That amounts to less than a six-month supply, which many analysts see as a sign of a balanced market.

The current supply of single-family homes is one of the reasons why residential prices are on their way up. As the inventory of homes decreases, an area becomes less of a buyers’ market and prices begin to stabilize. In North Texas, median home prices were flat in 2009 while many other parts of the country saw double-digit declines. In more good news, real estate agent sold 3,300 homes through the Multiple Listing Service last month and 172 condominiums.

Tags: Home prices, home sales, housing inventory, Residential Real Estate