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Texas Home Sales at Best They Have Been Since 2008

Posted on 1/9/2014 by with 0 comments

Existing-home sales in North Texas finished last year 17 percent ahead of 2012, making it the biggest sales year since 2008, according to the latest report from the Texas A&M University Real Estate Center.

In all, 88,562 homes were sold in the 29-county North Texas area in 2013, topping 2012 sales by 13,355 homes and putting it well above the 2008 total of 76,362 homes, the report shows.

Annual home sales dipped as low as 63,851 in 2010.

Boosting the annual number was a 9 percent increase in December sales, typically a slow time of the year. In North Texas, 6,259 homes were sold.

Jim Gaines, an economist with the Real Estate Center, said job and population growth were among the reasons for the strong sales. He predicts 2014 sales could be just as strong.

“If 2012 was the first year of the recovery from the downturn, 2013 was the jump up to where we were,” Gaines said. “The fact that we’re even that close to the prior peak makes it interesting.”

The National Association of Realtors said recently that 2013 salaes would be the best nationwide in seven years, but higher mortgage rates and home prices will have some effect on sales this year.

 

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