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.