August saw a record-breaking number of home sales in North Texas – 10,911 transactions, a 5% increase from the number of home sales in August last year. Median sale prices are also 4% higher than they were last August. This is the second month in a row that sales were higher than 2018 levels, putting overall sales for 2019 1% ahead of where they were at the same time last year.
What’s behind this sales boost? Experts are crediting lower mortgage rates for the increase in buyers making a move on the market.
According to housing analyst Ted Wilson from Dallas-based Residential Strategies, “Both August and September have been very good months. These lower mortgage rates have definitely pulled people off the sidelines […] It’s definitely been a boon for the home market.”
With mortgage rates the lowest they’ve been in three years and pending home purchases still running ahead of 2018 levels, it’s likely that North Texas home sales will maintain their upward trajectory in September. For more information, read Steve Brown’s latest article on DallasNews.com.
Looking to purchase a new home in Southlake while mortgage rates are still low? Contact us to learn about real estate opportunities at The Parkview Residences, Southlake’s first – and only – condominium offering. Construction is nearing completion, and we have an excellent selection of floor plans available. With Southlake set to proceed with the highest property tax reduction in three decades, now is the time to act.