D-FW leads Texas in first-quarter home sales
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Dallas-Fort Worth home sales fell in the first quarter.
But even with the year-over-year decline, the D-FW area still led the state in home purchases.
Real estate agents sold more than 20,000 D-FW homes in the first quarter — down 2.5% from the same period last year, according to new data from the Texas Realtors trade association.
Statewide home sales were up 0.7% for the quarter.
"Housing market activity in Texas continues to break records," Tray Bates, chairman of Texas Realtors, said in the new report. "The number of sales and median price aren’t going up as steeply as in recent years, but Texas real estate remains in high demand as the Lone Star State continues to be a popular place to live and do business."
Among the major markets, sales were down in both the D-FW and Houston areas but inched higher in Austin and San Antonio.
San Antonio had the biggest year-over-year rise in sales — up 5.1% from a year ago.
"Sales activity rebounded in March from negative showings in January and February as lower interest rates and winter’s colder weather diminished to increase buyer spirits," said Dr. Jim Gaines, chief economist with the Real Estate Center at Texas A&M University. "During the first quarter, sales increased by around 1% across the state, with notable gains in sales volume in March in the major markets.
"The median price also continued to rise but at a substantially slower rate," Gaines said. "Furthermore, listings finally showed signs of growth with a corresponding rise in months inventory, but it’s still a tight market overall."
Statewide median home sales prices were up 2.7% to $230,000.
D-FW home prices were up a slight 1.2 percent from last year to $260,000, according to the Realtors.
San Antonio had the biggest home price gain — 3.5% — followed by Houston at 3.2%.
The number of houses listed for sale with real estate agents across the state was 14% higher than in first quarter of 2018.
The D-FW area had the biggest jump in the number of homes up for sale, rising almost 30% from a year ago.
"We’re encouraged by the increase of housing inventory statewide," Bates said. "The Texas economy has primed itself for continued increases in home sales activity throughout the year, setting the state up for another strong summer selling season ahead."