The National Association of Realtors is releasing grim numbers for national home sales in June. The Association says the sale of existing homes dropped 5.1 percent, a drop-off attributed to the end of a federal tax credit.
But problems elsewhere appear to have little effect in North Texas. “We’re showing a pretty good increase.” said Bill Head of the MetroTex Association of Realtors. “Through the first half of the year we showed a nine percent increase compared to last year.”
The dollar volume was also impressive, $6.7-billion in North Texas home sales, according to Head.
It isn’t just the existing home sales, rather a combination of new and preowned homes. The upward trend has continued for much of the first half of the year. Inventory is also balanced. Head says there have been an increase in listings, but that has been matched by sales.
The national dropoff coincides with the federal tax credits that initially expired at the end of June. Congress pushed back the deadline until the end of September, but that only affects buyers who were in the system before the June 30th cutoff. But now economists are concerned the credits gave a welcome break to buyers who had intended to purchase a new home anyway. In such a case, there would be little in the way of stimulus.
Head acknowledges the tax credit was a help, but adds the momentum appears to be continuing through the summer months, the time home buyers traditionally shop. “I hope we have a pretty good head of steam here.” said Head.
The median sale price nationwide was $183,700, about the same as last year.
By L.P. Phillips