Jul 22, 2020 | Dallas Morning News
Dallas-Fort Worth topped the state in home sales during the second quarter of 2020. But home purchases were down in the D-FW area and statewide because of the COVID-19 pandemic.
Real estate agents sold more than 26,000 North Texas homes during the second quarter, an 11.5% drop from the same period last year, according to the latest data from the Texas Realtors association.
Statewide home sales were almost 10% lower than in second-quarter 2019.
“With COVID-19 and the mandatory shutdown, the Texas housing market performed as expected in the second quarter,” James Gaines, chief economist with the Real Estate Center at Texas A&M University, said in the new report. “However, in June we saw demand pick up, with buyers becoming more active and taking advantage of the low interest rates.”
North Texas home sales by real estate agents were 16% higher in June than a year earlier, after two months of declines.
“The housing market is one of the few segments of the economy that has held strong,” Gaines said. “Barring another shutdown, we anticipate it to perform reasonably well in the third quarter.”