Posted on Thu, May. 08, 2008

Existing-home sales down 11%

By DAVID WETHE

Star-Telegram Staff Writer

Sales of existing homes in North Texas dropped 11 percent in April compared with a year earlier, according to data released Wednesday by the North Texas Real Estate Information System.

The median price also slipped, down 3 percent to $147,000.

A total of 6,751 homes were sold in April over the 29-county North Texas region.

Other highlights:

Sales of condos and townhomes were down 24 percent in April, to 403.

Sales of rental properties jumped 37 percent to 1,875.

Average days on the market for existing homes grew 14 percent to 80 days.

Average days on the market for multifamily properties rose 47 percent to 113 days.

Median price of farms and ranches grew 23 percent to $270,500.