Nationwide, existing-home sales rose 2.4 percent in July over June, according to the National Association of Realtors. Sales are at the highest pace of 2014 and have risen four consecutive months.
Lawrence Yun, NAR chief economist, says sales momentum is building behind stronger job growth and improving inventory conditions. “The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market,” he said. “More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise.”
Nationally, the median existing-home price for all housing types in July was $222,900, which is 4.9 percent above July 2013. This marks the 29th consecutive month of year-over-year price gains.
In North Texas, the median existing-home price for all housing types in July was $194,000, which is 6.2% percent above July 2013.
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