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N. Texas housing continues its slide

Pre-owned home sales, prices fell last month, report shows

08:58 AM CST on Monday, December 11, 2006

By STEVE BROWN / The Dallas Morning News

North Texas' housing market continued to retreat in November.

Sales of pre-owned homes in the area were down 7 percent from a year earlier, according to the latest report from the North Texas Real Estate Information System.

November was the sixth consecutive month that home sales in the Dallas-Fort Worth area and surrounding counties failed to match last year's record pace.

Prices also dipped last month. The median price of a single-family home sold in the area was $146,000 – down about 3 percent from November 2005.

Although the slowdown in sales in North Texas is modest compared to many other U.S. cities', it's caught the attention of real estate sales agents and consumers.

Some potential buyers have stepped back until there are stronger indications of where the market is headed.

That's harder to fathom given the seasonal slowdown in homebuying.

"There has been a slowdown in traffic and sales, but it's the time of year," said Ted Wilson, with Dallas-based housing analyst Residential Strategies.

But he acknowledges that "the buyers have been pretty fickle about closing on houses."

Mr. Wilson said local builders cut back their starts because of rising numbers of houses on the market.

At the end of November, there were more than 44,000 pre-owned homes listed for sale in North Texas. That's about 9 percent more than a year earlier.

Even so, the month's supply of homes on the market remains under 6 percent, which is considered very healthy.

And some neighborhoods continue to see gains in sales. Sales were up 22 percent in northeast Dallas, 16 percent in Rowlett and 19 percent in The Colony.

November home sales rose 5 percent in North Dallas.

"Park Cities average sales prices also rebounded strongly," up 18 percent, said real estate agent Bob Edmonson with Allie Beth Allman & Associates.

The condo market continues to outperform single-family homes in the Dallas-Fort Worth area.

In November, condo sales were up 6 percent from a year earlier, and median prices were 9 percent higher.

E-mail stevebrown@dallasnews.com

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