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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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U.S. Existing Homes Sales Drop Slightly in June; DFW Still Positive

July 23rd, 2013 | by The Update
U.S. Existing Homes Sales-4352 Edmondson Avenue

Glamour and grace come together at 4352 Edmondson Avenue in Plano’s gated Kings Gate community. This six-bedroom home  has walls of glass to let in the light, a huge wine room, plus exercise and media rooms. Listed by Jamie Adams for $2,400,000.

Sales of existing homes dipped in June but remain well above sales from a year ago, and the median price shows seven straight months of double-digit year-over-year increases, according to the National Association of Realtors’ monthly report on existing homes sales.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 1.2 percent to a seasonally adjusted annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, but are 15.2 percent higher than the 4.41 million-unit level in June 2012.

According to the MetroTex Association of Realtors, Dallas-area home prices in many neighborhoods are up by 10 percent or more so far this year. On average, pre-owned home sales in Dallas-Fort Worth for the first half of 2013 are  more than 20 percent higher than in the same period of 2012.

That’s a sales record for a six-month period in Dallas-Fort Worth.

Some Dallas-area neighborhoods are experiencing the largest home price gains this area has seen since the 1980s.

Housing analysts and real estate agents predict that North Texas home sales and prices will continue to rise during the rest of this year, even with the recent increases in mortgage costs.

Homes that are priced well and in good condition are selling well, according to agents with Briggs Freeman Sotheby’s International Realty.

Lawrence Yun, NAR chief economist, said there is enough momentum in the market to maintain improvement, even with higher interest rates.

“Affordability conditions remain favorable in most of the country, and we’re still dealing with a large pent-up demand,” he said.

Click here to read more news about real estate and the economy in Dallas-Fort Worth.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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