Oct 12, 2020 | Dallas Morning News
North Texas home sales surged in September — up 27% from a year ago. It was the largest annual September sales gain in more than a decade.
Real estate agents sold 11,408 single-family homes, a record number of purchases for the month of September, when sales typically slow.
But not this year.
Record low mortgage rates have caused a run on home buying even in the face of the COVID-19 pandemic.
Last month’s huge home sales increase is the fourth month in a row of double-digit percentage sales gains compared with 2019 levels, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
September’s year-over-year gain was the largest yet.
“It’s amazing that sales are up 27% over last year’s but not surprising based on what I have been hearing,” said Paige Shipp, a housing analyst for CDCG Asset Management. "D-FW continues to benefit from buyers fleeing pricier markets, and we’re seeing even more migration to D-FW than pre-COIVD.
“Will the demand persist for the remainder of 2020? All signs point to yes,” Shipp said. “But my concern is that there won’t be enough supply and the right supply for buyers.”
The number of single-family homes listed for sale with North Texas real estate agents is down almost 50% from September 2019 levels.
The tight local housing supply has fueled a jump in prices. Median home sales prices in the area rose 10% in September to $291,000, near an all-time high.