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

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.

Area Sales % changeyear ago Medianprice % changeyear ago
82 NE Arlington 17 6% $216,000 38%
83 Central W. Arlington 19 -42% $135,000 -2%
84 Central E. Arlington 11 0% $69,400 31%
85 Arlington,DalworthingtonGardens, Pantego 34 3% $150,560 18%
86 SE Arlington 18 -10% $93,000 46%
87 Far SW Arlington 49 -6% $152,500 8%
88 Far SE Arlington 78 20% $133,700 17%
89 Mansfield 80 4% $195,000 2%
90 Kennedale 4 -43% $143,500 -23%
101 Downtown FW 3 -25% $213,000 52%
102 Saginaw, north FW 111 4% $147,000 7%
104 East FW 44 -15% $108,000 25%
105 Southeast FW(Rosedale) 11 -27% $30,250 51%
106 South FW, Everman, Forest Hill 18 50% $68,550 72%
107 Central west and southwest FW 37 -3% $119,000 -51%
108 Central west FW 43 -31% $263,000 12%
109 Northwest FW,River Oaks, Azle 88 10% $142,900 7%
111 South FW, Crowley 112 -13% $123,000 10%
112 Far west FW,Benbrook,White Settlement 77 10% $125,000 -9%
120 Bedford 30 -21% $169,900 -6%
121 Euless 31 0% $177,050 10%
122 Hurst 34 -24% $138,500 -1%
123 Colleyville 24 0% $513,250 20%
124 Grapevine 22 -46% $255,000 -1%
125 Southlake 31 19% $627,500 14%
126 Keller 50 9% $349,500 14%
127 N. Richland Hills,Richland Hills 49 -14% $140,600 -17%
128 Watauga 26 4% $103,000 0%
129 Haltom City, Riverside 18 6% $110,500 30%
130 FW Summerfields, Park Glen 161 10% $172,500 8%
131 Roanoke 12 140% $200,080 55%
132 Trophy Club, Westlake 21 24% $367,730 15%
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