DALLAS (Dallas Morning News) - Area home sales started the year at a breakneck pace.
North Texas real estate agents sold 4,733 existing single-family homes last month, the largest January total since 2007 and the second-best selling January in a decade.
And with the rapid rate of sales comes a dwindling inventory of listings that worries Real Estate Center Research Economist Dr. James Gaines.
With only a 3.4-month supply of existing homes on the market, “that inventory is getting to a critical level,” Gaines said. “That’s so low, it is going to put a strain on the market . . . that means the prices will start being bid up.”
The median price for single-family homes sold in January rose 9 percent compared with the same month last year. Sales prices for condominiums jumped 14 percent.
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