DFW home sales fell in February, but median price rose

Mar 9, 2010 — Fort Worth Star-Telegram

Sandra Baker

Mar. 9, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- North Texas home sales in February fell 5 percent from the same month a year ago, but for the eighth straight month the median home price rose compared with a year ago, according to a new report.

The median home price was $139,900, up 1.3 percent from February 2009, reported the Real Estate Center at Texas A&M University. The center compiles monthly data from the Multiple Listing Service for its report, which covers a 24-county area including Dallas-Fort Worth.

In February, 4,099 houses were sold in North Texas. It was the third straight month that sales fell compared with the same month a year ago.

For the past year, sales peaked in July at 7,139 houses, as a federal tax credit for first-time home buyers gave the market a boost nationwide. In North Texas, sales exceeded 7,000 houses each month from April through August.

Since then, sales have been soft, although February represented a 23 percent increase from January, the report said.

The $8,000 federal tax benefit for first-time buyers, since expanded to include a $6,500 credit for most current homeowners, has been extended for sales contracts signed through April. Those sales must be closed by June to qualify.

Real estate professionals expect sales to be stronger through midyear.

In Tarrant, the strongest sales gains were in Trophy Club/Westlake, which saw a 71 percent increase from February 2009, and in Grapevine, where sales rose 50 percent.

Strong sales were also recorded in southeast and southwest Arlington, far west Fort Worth, Benbrook and White Settlement.

Areas of west-central and southwest Fort Worth, including Texas Christian University, for many months a hot area, saw sales drop 13 percent.

SANDRA BAKER, 817-390-7727

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