Our Area is Moving, even within the Pandemic.
"Home sales in North Texas exploded in July, rising 25% from a year ago to the largest ever single-month sales total. It was the second month in a row that area home purchases bounced back from the declines in April and May at the start of the COVID-19 panemic. July’s sales spike follows a 16% annual increase in June."
Even amongst job losses and stress in the pandemic, the low mortgage rates are keeping home movement active, it seems.
July was expected to be fine, but the HUGE GAME was beyond expectations. Buyers and Sellers that were delayed from the spring selling season may be deciding to get more and more active right now.
"The continued jump in office prices is caused by an increasing shortage of houses on the market. North Texas median home prices were up 9% - the largest such annual increase in more than a year. Only about 16,000 single-family homes were listed with real estate agents in the more than two dozen North Texas counties included in the July data – 40% less than a year earlier. There is less than a 2-month supply of homes on the market. The drop in home listings has caused bidding wars for houses and a sever shortage of properties under $300,000."
-From the Dallas Morning News, August 10th.
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