North Texas home sales took an upward turn in April, rising 11 percent from a year ago.
Almost 9,700 preowned single-family homes were sold by area real estate agents last month, according to the latest estimates from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
With April’s strong increase, North Texas home sales through the first four months of 2018 are running 4 percent ahead of the same period last year.
“You are still seeing fast growth and big numbers,” said James Gaines, the Real Estate Center’s chief economist. “You are going to have another good year.”
Although the number of houses sold was significantly higher in April from a year earlier, median home sales prices aren’t increasing as strongly.
In April, the median price of houses sold by real estate agents in Dallas-Fort Worth was $255,000 — up just 4 percent from a year earlier. That’s nothing like the double-digit home price increases North Texas saw in 2016 and 2017.
Median home prices in the more than two dozen North Texas counties included in the survey have increased more than 40 percent in the last four years to a record high.
The number of homes on the market this spring is up slightly from a year ago. More than 20,000 preowned, single-family homes were listed for sale with agents in April — 8 percent more than a year earlier.
That still represents only a 2.3-month supply of houses on the market at current sales rates, less than a healthy market should have, experts say.