March 10, 2014

North Texas home sales up 2 percent in February as inventory declines

Home sales were flat for the first two months of 2014, a monthly report shows, and the inventory of homes listed for sale has dropped 12 percent from a year ago.

Sales of existing homes in North Texas gained 2 percent in February, and sale prices were 13 percent ahead of a year earlier, according to the latest monthly report from the Real Estate Center at Texas A&M University, which was released Monday.

The small sales gain follows a 1 percent decline in January, meaning that local sales for the first two months of the year are barely above 2013 levels.

In February, 5,495 homes were sold in North Texas. And for the first two months, 10,080 homes were sold, only 154 more than were sold in the first two months of 2013, the report says.

The median home price for the area was $175,000 in February and $169,000 for the first two months of 2014, an 11 percent increase from the same period a year ago.

Sales may be hampered by low inventories. Active listings in North Texas totaled 19,268 at the end of February, 12 percent less than a year ago. And new listings for the month declined 8 percent, to 8,456.

With less inventory on the market, homes are selling faster. It is taking an average of 64 days for a home to sell once it’s listed, a drop of 14 percent from a year ago, the report shows.

In Tarrant County, two of the more active areas last month were Roanoke, which had a 140 percent increase in sales and a 55 percent increase in the median sales price, and the south Fort Worth-Everman-Forest Hill area, where sales increased 50 percent and home prices jumped 72 percent.

The Real Estate Center compiles the report from the multiple listing service.

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