Dallas Home Sales Soared in August, and September’s Going to be a Friggin’ Bonanza

Share News:

Good news from the National Association of Realtors — home sales across the country spiked up in August. Of course, they should: August is always the busiest real estate month of the year, when families want to buy homes and get settled before the school year. Dallas residential sales were up by a whopping 29.1%, among the highest of the national metro areas. That and our smidgen of an increase in prices —  point 3 percent —  was enough to earn kudos from BusinessInsider, who anoints us as one of the top ten U.S. cities where sales are bouncing back.

Looking at NTREIS, I compared August 2010 sales to this year. In 2010, there were 846 homes sold in Dallas, Park Cities, Mesquite, and Richardson at a median price of  $222,449, or 96.01% of listing price, averaging 79 days on the market.

This year there were 1,114 sales, median price of $212,444 or 95.73% of the list price, 85 days on the market.

Talking to Mark Cain, Ginger Nobles, Susan Baldwin, Becky Frey, Brad Holden, Bud Bush and a host of other Dallas realtors this week I asked them if they tought that the rest of the year would go as well as August. In a word, you bet. As Mark said: “I think September, October, November and even December are going to be a friggen’ bonanza!”

Why, I asked?

Because the banks have unleashed the jumbo loans, which is like Rolaids relief to the higher-end market over $417,000, home prices are low, sellers are reasonable, interest rates are low, and inventory is down. It’s like all the stars are aligning.

Candy Evans, founder and publisher of CandysDirt.com, is one of the nation’s leading real estate reporters.

Leave a Comment