Tarrant County home sales well above statewide figures, market report shows

Existing home sales in Fort Worth rose slightly more than 7 percent in the third quarter as sales statewide remained flat, a Texas Realtors quarterly market report finds.

Between July and September, 3,230 homes were sold in Fort Worth, 214 more than the number sold in the same quarter a year ago, the report said. The median sales price also rose slightly more than 7 percent, to $145,700 up from $135,900 a year ago.

Home sales are fueled by job growth and Dallas-Fort Worth has been among the nation’s top metro areas for job growth in the past year. In September, the Texas Workforce Commission reported that 86,400 non-farm jobs were created in the Metroplex in the prior 12 months, and 413,700 non-farm jobs in the state.

Home sales in Arlington rose 3 percent, to 1,484 homes in the third quarter, compared with 1,440 homes a year ago. The median price rose 9.5 percent, to $162,500, up from $148,300 a year ago, the Realtors report said.

And, in Northeast Tarrant County, home sales increased 1.5 percent in the three months ending Sept. 30, to 2,799 homes, compared with 2,757 homes in the year-ago quarter. The median sales price was $211,000, up 9.6 percent from $192,400 a year ago, the report said.

Statewide, 80,851 existing homes were sold the third quarter, up less than 1 percent, from 80,359 homes sold in the same quarter a year ago. The median sales prices statewide rose 6.8 percent, to $188,900, up from $176,800, the report said.

“The third quarter of the year is typically a much slower sales period,” said Dan Hatfield, Texas Association of Realtors chairman, in a news release. “Summer is over, school has started and families are staying put for the upcoming holiday season. That was not the case this year. Texas home sales continue to slightly exceed last year’s levels.”

Housing economists are forecasting 2014 to the be the second best year ever in terms of sales volume in Texas. Inventory of homes for sale continues to hamper the market, however.

In Arlington, inventory in the third quarter was 24 percent below what it was a year ago and at the end of September stood at a 1.9 months of supply. In Fort Worth, inventory was 19 percent lower and at a 2.9 months supply, while inventory in Northeast Tarrant County fell 13 percent below last year and was at a 2 month supply, the report shows.