Dallas-Fort Worth pre-owned home sales post 2% gain

A local housing market pining for some good news will get a boost from the latest home sales and inventory numbers.

North Texas pre-owned home sales eked out a 2 percent gain in September – the first such increase in over a year.

And while new-home purchases have continued to plunge, the number of vacant new houses on the market is down sharply, the latest industry report shows.

"Yes, the folks in North Texas should feel somewhat better, but the news should be tempered by what's happening – or not happening – in the capital markets," said economist James Gaines of Texas A&M University's Real Estate Center
Still, the improvement in the local home sales numbers "means the market is in better balance with a reasonable inventory and enough activity to keep prices from falling dramatically," Dr. Gaines said.

September's rise comes after a long string of monthly sales declines. The last time monthly home sales in the area were up from the same time the previous year was in January 2007.

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Area Home Sale For 1st Half 2008 - InteractiveMap