Housing Sales are Strong in North Texas

The U.S. Commerce Department released the numbers on new home sales Monday.

While they were up 5 percent in March in the South, western states saw a 23-percent drop. Keep in mind, these numbers are for new home sales.

The U.S. Census Bureau considers a new home sold when the buyer signs a contract or the builder accepts a deposit, even though the home may not be finished yet. That's in contrast with reporting of existing home sales that are reported when the sales contract is closed.

The MetroTex Association of Realtors tracks sales of existing homes. Those numbers are really surprising. In March, sales in North Texas were up a whopping 18 percent, making Dallas-Fort Worth the strongest housing market in the state. And the median home price was up 9 percent over this time last year.

Real estate experts say that's an indication that the North Texas housing market continues to be strong. It's still early in the spring season, but inventory home buying has steadily increased.

The good news for buyers is that new listings were up 14 percent in March. And more houses could mean prices go down a bit in the months ahead. But the Dallas-Fort Worth are is still red hot.

"Last year was a record-breaking year, and we're shattering those numbers [this year]," said Bill Head, communications director for MetroTex.

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