Pre-owned home sales decline 6 percentListings in D-FW area increased 12 percent in February, agents say 03/29/2001 By Steve Brown / The Dallas Morning News Pre-owned home sales in the Dallas-Fort Worth area fell by 6 percent last month compared with February 2000, a further sign of the cooling local economy.
At the same time, the number of houses on the market rose by 12 percent. Real estate agents say the combination of fewer sales and more listings reflects consumer uncertainty about the economy.
"We are getting a lot of mixed messages," said Michael Grossman with Uptown Realtors. "Some of the houses are not being snapped up as quick as they were. There are some people that are taking a wait-and-see attitude."
February's drop was the second sales decline in three months. Pre-owned home sales were down by more than 10 percent in December, went up slightly in January and then fell again in February.
Local agents sold 4,357 pre-owned homes last month, according to statistics from the North Texas Real Estate Information System and Texas A&M University.
Sales were down in neighborhoods both in Dallas and the suburbs. Double-digit drops were recorded in areas as diverse as Old East Dallas, Richardson and The Colony.
"It's probably hardest hit in the price range over $300,000 in the central city," Mr. Grossman said. "But most people don't expect this to last too long. That's why we haven't seen a big impact yet on business."
Jim Fite, head of Century 21 Judge Fite Realtors, said his business is rebounding after a slowdown in February.
"Last month was not a great month," Mr. Fite said. "But this month is already setting new records for us."
Pre-owned home prices also have continued to set new highs.
In February, the median price of homes sold in the Dallas-Fort Worth area was $127,800 – up 8 percent from a year earlier.
The number of houses listed for sale also is up. Last month, there were almost 22,500 homes on the market. That's an increase of 12 percent from February 2000.
"We've seen a definite increase in the number of people calling us to sell their houses," Mr. Fite said.
Mr. Grossman said his agents also have seen an increase in home sales inventories.
"Our listing drawer is more full than we've seen in a long time," Mr. Grossman said.
He said consumers want to take advantage of low interest rates – now at a 30-year low – and want to put their houses on the market while the economy remains relatively good.
"I don't think anybody really knows what is happening yet," Mr. Grossman said.
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