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Home Sales Up Across Texas

Real estate industry analysts are excited over recent indications that the home market across Texas, including its area cities, is in the cusp of a strong recovery. Recent gains, for instance, that were noted in the Dallas-Fort Worth area were spread out to such localities as Colleyville, Southlake, Grapevine, and Westlake.  It was observed that a seller's market has already developed as a result of low inventory, which has been the main reason for the recent price gains in most of the areas in the Lone Star State.

In the Dallas-Fort Worth (DFW) area, the amount of sales that occurred this September was the highest ever, according to Bill Evans of KW Realty, a Colleyville real estate agent who has a twenty-year track record in selling properties in the locality.

The DFW area is where the statewide recovery is particularly robust, said research economist Jim Gaines from the Texas A&M Real Estate Center. Benchmarked by sales and prices, a home market recovery is definitely underway, he declared. North Texas is where he is most bullish about as the falloff in this area was not as dramatic as in other localities, thus making the recovery much easier. Gaines estimated that third quarter sales across Texas gained by 14?15 percent.

Compiled year-to-date statistics indeed underscore that a housing recovery is underway. Data from the North Texas Real Estate Information Systems, Inc., for example, revealed that in January to October 2012, a total of 385 homes were sold in Colleyville, up from 299 in the same period during the previous year. In Southlake, homes that were sold rose to 495 from 382 during the same comparative period.

On year-on-year month comparisons, June 2012 was by far the best since the 2007 financial crisis for the Southlake and Colleyville housing sectors, said Cassie Davis of Prudential. She noted that home sales in Southlake gained 32 percent this June over the same period last year. Davis believes that while sellers may have the leverage in pricing at present with the tight home inventories, the lower interest rates, which are currently around the vicinity of 3.5 percent, are quite favorable for residential buyers.

Sales this summer were likewise particularly hot in Grapevine, attests Lavon Bolech, who has her KW Realty office in Southlake since 2008. There were multiple offers on choice residential properties this summer, she says, a market condition which wasn't seen during the last four years. In the January-October 2012 period, 458 Grapevine homes were sold compared to the 392 residences which changed ownership in the same period last year.

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