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Home Sales Flat As Limited Inventory Causes Price Spike

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(credit: KTVT/KTXA) Brian New
Brian joined the CBS 11 News team in 2013 after working a...
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FRISCO (CBSDFW.COM) - Compared to a year ago home sales in North Texas are down but it’s not because of a lack of buyers.

A lack of inventory of pre-owned homes has created a seller’s market that many local real estate agents say they haven’t seen in North Texas in more than a decade.

No place is this more evident than in Frisco.

On Sunday real estate agents Barb Glass and Sharmy McDonald of Van Poole Properties greeted potential buyers at a pre-sale open house.

With houses in Frisco often selling within hours of hitting the market, some real estate agents are finding ways to give their clients a “sneak peak.”

“It just a way for us to adjust to this crazy climate that we are in right now,” said Glass.

While sales have slowed, home values continue to increase.

With a growing family, Alpesh Petal said he is looking for a larger home in Frisco but is being cautious about getting caught in a bidding frenzy and overpaying for a home.

“We’ll buy when the property is right and the price is right– otherwise we’ll wait,” he said.

According to the North Texas Real Estate Information Systems, home prices in North Texas are up 7 compared to this last year – a slower increase than a year ago when home values rose by double digits.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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