A record number of North Texas homes changed hands in 2017.
More than 106,000 preowned single-family homes were sold in the area by real estate agents. That’s 5 percent more than the all-time high sales in 2016.
North Texas home sales have risen more than 60 percent since 2010.
The 2017 sales increase was helped by a jump in December home purchases. Real estate agents sold 8,990 houses last month – a 12 percent rise from December 2016, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc.
Median home sales prices in December were 8 percent ahead of where they were in the same month in 2016 at $250,000.
For all of 2017, home sales prices were 9 percent ahead of where they were in 2016.
"I believe the resale market has more room to grow-both in sales and demand in 2018," said Paige Shipp with housing analyst Metrostudy. "However, as the median price increases, appreciation and sales pace will slow."
Year-over-year percentage home price increases in the Dallas-Fort Worth area have slowed from double-digit gains in 2016 and in early 2017 as more properties have come on the market and price growth has outstripped wage increases.
At the end of December, 17,440 preowned houses were listed for sale with real estate agents in the more than two dozen North Texas counties included in the numbers – 6 percent more than a year earlier. December listings work out to only a 2-month supply of homes in inventory for sale. That’s still less than half of what’s considered a normal market.
One of the biggest increases in North Texas sales came from million dollar homes. In 2017 local real estate agents sold 1,652 homes valued at $1 million or more. That’s a 21 percent increase from 2016 million dollar sales.
Sales of houses priced at less than $180,000 declined in 2017 because of the low number of these properties on the market.