By Troy Corman, www.t2realestate.com
Has the DFW residential real estate market turned the corner? According to The Dallas Morning News and data from the Texas ATM Real Estate Center, north Texas home sales exploded in August, up 27% over August 2010.
July also recorded double-digit Dallas home sales increases as sales of townhomes and condominium homes soared upward 34% from a year earlier.
Low mortgage rates and good home deals seem to be finally motivating qualified home buyers off the fence. Also, a tight rental market and rapidly rising rents are making home ownership more attractive from a financial perspective.
Texas ATM Real Estate Center's Jim Gaines said, "This home rebound is a lot better than we thought it would be. If this pattern continues, we could be up 10% or more for the year."
Carrollton-Farmers Branch homes sold were up 60%. Northeast Dallas homes were up 59%, and Park Cities home sales were up 49%.
DFW area home prices are flat for the year but were up 2% in August.
Also, the inventory of homes for sale was 17% below last year, with just over a 7 month supply. Six months of inventory is considered a balanced, healthy market.