August housing sales booming after slower start to summer

DFW home sales increased 12 percent to 10,860 sales in August, in contrast to weaker sales figures in July, according to the July 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.

“August was an exceptionally busy month,” said Russell Berry, president of MetroTex. “We’re seeing strong increases in terms of number of sales and in dollar volume. Prices are up and inventory remains our biggest challenge.”

According to the report, 10,860 homes were sold in North Texas in August, a 12 percent increase from the year prior. The median price for DFW area homes increased 10 percent year-over-year to $230,000 during the same time frame.

North Texas’ monthly housing inventory fell to 2.3 months in August. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 37 days on the market in August. There were 19,964 active listings for the North Texas housing market during the same time frame, a 6 percent drop.

August 2016

  • 10,860 – Homes sold, 12 percent higher than August.

  • $230,000 Median sales price for homes, 10 percent more than August 2015.

  • $280,402 Average sales price for homes, an 8 percent increase over August 2015.

  • 2.3 – Monthly housing inventory in August 2016.

  •  37 – Average number of days homes spent on the market in August 2016.

  • 19,964 – Active home listings on the market in August 2016.

The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

AFFORDABLE SENIOR HOUSING RESOURCES

There is a quickly growing population of folks over the age of 50 in the housing market these days. Known as senior buyers, this huge segment of the population is as widely varied and diverse as you can get. But it does take a certain know-how to handle the concerns of the 50+ market. 


For instance, many elder seniors who have retired want to sell their homes to reduce their costs and capitalize on the equity in their current homes. REALTORS who assist them must remember to counsel them about the hidden costs that may exist some of the housing choices they are considering.  For instance, if they buy a condo with the proceeds from the sale of their home, they may still have substantial HOA dues, fees for assisted care, or monthly fees for offsite storage if they don’t purge their belongings when they downsize. 


REALTORS should also be prepared to be pulled into the issues involved when their sellers are purging. Adult family members might create havoc arguing about who gets certain heirlooms. Sellers may not have time or interest in going through old boxes that have been in storage for years. It’s a good idea to have some good references for senior movers handy to help in these situations.


When affordability is a concern, the U.S. Department of Housing and Urban Development (HUD) does fund a variety of programs that provide rent assistance, home ownership, and assistive services for seniors and the disabled. Keep in mind that these programs often have waiting lists that can be years long, so you’ll have to plan ahead and be patient. HUD programs are primarily focused on independent seniors, and are limited when it comes to assisted living programs. 


One of the largest HUD programs is the Housing Choice Voucher Program. HCVP provides rent vouchers for low income individuals, families, the elderly and the disabled. There are two types of voucher. Tenant-based vouchers move with the renter, while project-based vouchers are assigned to a particular property and stay with the unit. Note that any income from pensions, retirement accounts, etc. are counted when assessing eligibility for these programs. 


For first time home buyers, HUD can provide home-buying vouchers to help cover monthly expenses. There are also programs for current homeowners in need of assistance through HUD and the Department of Treasury. These programs can be used to lower monthly payments, lower interest rates, help with a second mortgage and avoiding foreclosure, among other things.


These are just a few of many assistance programs available for seniors. For a more complete list of resources, go to https://www.usa.gov/housing-help-audiences. If you’re interested in working more effectively with this growing market, it’s a good idea to earn your Senior Seniors Real Estate Specialist Designation. Watch the MetroTex course calendar for upcoming dates.