09 November 2010

Dallas-Fort Worth Home Sales drop 30 Percent in October


Existing home sales in North Texas plummeted 30 percent in October, a drop that market economists expected.

In the 29-county North Texas region, 4,413 homes were sold last month, according to the latest report from Texas A&M University's Real Estate Center.

It was the fifth straight month of declines compared with figures from a year earlier. Sales for the first 10 months were down 5 percent, the report said.

Only two Tarrant County submarkets saw increases in sales in October, and two remained unchanged.

The central west area of Fort Worth saw sales climb 24 percent from a year earlier, and Colleyville had a 19 percent increase. Sales in Kennedale and Southlake were the same as last year.

The largest decline in sales, 60 percent, was in northeast Arlington.

Sales of condos and townhomes in downtown Fort Worth were up 500 percent, with six sales. In the third quarter, buyers were paying 96 percent of the listing price on downtown condos and townhomes, according to a Downtown Fort Worth Inc. residential report.

Economists had expected the numbers to be way down in October and again in November, because home sales spiked this time last year when the first round of first-time home buyer federal tax credits were issued. Sales of homes bought using a tax credit needed to be closed by Sept. 30.

The median sales price in October was $146,000, a 3 percent increase from a year ago. The median sales price for this year is $147,000, a 1 percent increase.