Pre-owned home sales in North Texas decrease

Pre-owned home sales in North Texas decrease

Sliding sales of pre-owned homes in the Dallas area could indicate that moving activity there has slowed somewhat recently.

Citing data from Texas A&M University's Real Estate Center and the North Texas Real Estate Information Systems, the Dallas Morning News reported that pre-owned home sales in North Texas decreased 17 percent in August from the previous year. It was the third straight month with year-over-year declines in that market. However, August's sales report was somewhat encouraging considering that in July, pre-owned home sales dipped 29 percent.

In that regard, it would appear that more people were relocating to new homes last month, although Mary Frances Burleson of Ebby Halliday Realtors told the paper that these trends are largely cyclical. "We have had cycles my entire career in real estate – that's just the way the business is. Right now, if someone has the money and the desire to get a house, what better time with the low interest rates and prices? And if you are selling a house and it's priced right and in good condition, we likely are going to sell it."

Record-low interest rates might inspire some to move forward on relocation plans. According to the Mortgage Bankers Association, average rates on a 30-year fixed-rate mortgage are at 4.50 percent.


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