Dallas-Fort Worth pre-owned home sales fall 28%

Existing home sales in North Texas continued to fall in February from last year's levels, while median prices were essentially flat, according to a report released Tuesday.


North Texas sales of pre-owned, single-family homes amounted to 4,216 in February, 28 percent below their level in February 2008, according to preliminary figures from North Texas Real Estate Information Systems Inc. and Texas A&M University's Real Estate Center.
The 28 percent decline was in line with a 27 percent drop in January.

"Twenty-eight percent is a pretty big number," said Jim Gaines, an economist at the A&M center. "It is a reflection of how the recession is catching up now with Texas in full force."
The February median price of $136,350 fell 2 percent from the median price a year ago.
"That's not real bad; it's essentially flat," Gaines said.

Sales of condos and townhomes were down 31 percent in February from the same month last year, while the median price was off 1 percent.
Analysts say homebuyers remain skittish because of the economy.

The Dallas-Fort Worth area had 7,100 fewer jobs in January than in the same month last year. Although the local economy remains healthier than the U.S. economy as a whole, additional job losses are expected this year.

"We have heard anecdotally that it's difficult to convert shoppers into buyers," said Ted Wilson, a Dallas housing analyst with Residential Strategies. "People are obviously very nervous about the economy right now. There are a lot of people being noncommittal until they understand where this thing's going to bottom."