Record low interest rates may be stoking the housing market in North Texas.
Sales of existing homes in the region made a huge jump in August, rising 27 percent from a year ago, the Texas A&M Real Estate Center reported Thursday.
Buyers in the 29-county region purchased 6,822 homes last month, the report shows.
In Tarrant County, 27 of 32 submarkets, most defined by city boundaries, saw sales increase, including all of Arlington. Sales jumped 120 percent in southeast Arlington, 100 percent in central west Arlington/Pantego/Dalworthington Gardens and 87 percent in northeast Arlington.
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Sales also doubled in Roanoke, but sales of town homes and condos in downtown Fort Worth fell 25 percent.
This week, mortgage rates reached their lowest levels in six decades, with the average rate on a 30-year fixed mortgage falling to 4.12 percent.
Although home sales are still down year-to-date, compared with the same period of 2010, the percentage gap is narrowing. Between January and August, 43,879 homes were sold, down 4 percent from last year. The median home price rose 2 percent in North Texas to $154,000 in August, but remained flat at $148,000 for the year, the report said.
Pending sales in August were flat from a year ago, at 42,574, and the number of listings last month fell to 36,480, a 5 percent decline from a year ago.
This report includes material from The Associated Press.
Sandra Baker, 817-390-7727