Pending sales data high as contracts take longer to process
The rapid pace of housing sales slowed somewhat as Realtors, lenders and title companies adjusted to new closing requirements which came into effect in October. While sales remained strong, the numbers of contracts waiting to close increased greatly, indicating deals took longer to close last month.
“We’ve known for a while that there would be some challenges as the new closing procedure came into effect,” said Steve Habgood, president of MetroTex. “Agents and lenders built longer closing timeframes into the contracts to accommodate these changes. We expect business to speed up again in a few months once everyone get used to the new system.”
“October sales figured still showed year-over-year growth in most areas despite the new regulations,” continued Habgood.
Highlights of the MetroTex report include:
- 8,138 homes were sold in the Dallas-Fort Worth are in September, a 4% increase over last year.
- The average price per square foot is $111, up 7% from October 2014.
- The average sales price in DFW was $250,375, a 5% increase over last year.
- There are 8,378 homes under contract and waiting to close.
- Houses are selling in an average of 44 days, down from 61 days a year ago.
- When listed with a Realtor, homes are selling for 98% of the list price.
Inventory continues to remain low in the metropolitan area, with an estimated 2.5 months of existing housing stock on the market. Less than 3 months inventory is considered to be a strong sellers’ market.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing 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.