According to data compiled by the Texas A&M Real Estate Center, record-low interest rates for mortgages have driven more consumers to purchase properties in Northern Texas.
During August, the region sold 27 percent more properties than the previous year, totaling 6,822, the report states.
In Tarrant County, 27 of the 32 submarkets analyzed recorded an increase in sales, including all parts of Arlington. In fact, in southeast Arlington, property transactions were up 120 percent.
Sales in Roanoke doubled as well, while transactions in Fort Worth were down 25 percent.
Year-to-date, home sales totaled 43,879, which is down 4 percent from the same period in 2010, however, the percentage gap is narrowing, according to the report.
The median home price was up 2 percent in the region during August, growing to $154,000. However, year-to-date, the price remained flat at $148,000.
In the southern part of the state, the Houston real estate market has flourished recently, recording greater sales and median prices in July. Data for August is expected to be released soon.
Courtesy of 2M Realty News