It’s been a HOT summer in North Texas and the real estate market here, well, that’s been pretty hot too. In fact, the DFW real estate market was so hot in June, it was a record setting month for the most houses ever sold in a single month.
According to reports, 10,857 pre-owned single-family homes sold in the region, which is a huge 7% increase compared to June 2015. The Real Estate Center at Texas a&M University and North Texas Real Estate Information Systems is also saying that the spike in home sales last month also outpaced last year’s record setting sales numbers through the first half of the year by about 9%.
Along with the incredible sales numbers, prices however, are also seeing record setting gains, making it hard for some buyers to enter such a crazy marketplace right now. The median home price for homes sold on the MLS in North Texas was at $237,500 at the end of June, which is up 8% compared to the same time last year. That’s also a record for the region.
Believe it or not, June’s median home price figure is nearly 80% higher than it was in January of 2010, which many would say was the height of the recession. In addition, prices are also around 50% higher than the last housing peak during the middle of 2007, which truly shows how far we've come since the housing crash that left many markets across the country in a terrible state.