North Texas Home Sales Up 18% in July

Despite high temperatures and current national economic news, the North Texas housing market made a huge rebound in July.

In a report released by the Texas A&M Real Estate Center single family home sales were up 18% in July 2011 compared to July 2010. While most experts expected an increase in sales very few saw an increase of this level.

“I think this proves that the North Texas area can rebound out of the housing slump sooner than other parts of the country,” said Patricia Szot, 2011 MetroTex President. “The most important factor to any real estate market is consumer confidence and we are starting to see that confidence return in DFW.”

Most areas of North Texas showed a marked increase in sales last month but the largest increase occurred in Denton County with a 36% boost compared to 2010.

“Despite incredible affordability and the lowest interest rates we will ever see there are some obstacles being discussed in Washington that could have a big impact on the industry, said Szot. “Any changes to eliminate the mortgage interest deduction or a mandatory 20% down payment on a qualified residential mortgage would be major threats to stabilizing the housing market.