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 the North Texas Real Estate Information Systems.
With April’s strong increase, North Texas home sales through the first 4 months of 2018 are running 4 percent ahead of where they were in the same period last year.
"You are still seeing fast growth and big numbers," said Dr. James Gaines, the Real Estate Center’s chief economist. "Your are going to have another good year."
While the number of sales 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 was $255,000 — up just 4 percent from a year earlier. That’s nothing like the double-digit home price increases the North Texas housing market say in 2016 and 2017.
Median home prices in the more than two dozen North Texas counties included in the survey have increased by 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. In April more than 20,000 preowned single-family homes were listed for sale with agents — 8 percent more than in April 2017.
That’s still represents only a 2.3-month supply of houses on the market at current sales rates.