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The North Texas region is experiencing a mini real estate boom with existing-home sales 11% higher than last year in June, the MetroTex Association of Realtors said.
The association believes sales will pick up even more in the second half.
For sellers, the D/FW market is gradually becoming more competitive as existing inventory levels decline, noted Patricia Mays, president of MetroTex.
"If housing starts rise and add to the total inventory we could have a healthier supply later in the year and in 2013," Mays said. But until then, the market is beginning to shift back in favor of sellers.
The June inventory of existing homes in Dallas-Fort Worth is now 22% lower than year-ago levels. Sales in just the first six months of the year improved 14% over 2011 levels.
MetroTex represents 13,000 members in the local real estate industry and the entire North Texas region.
While home sales are looking up, some borrowers are still choking on tighter credit conditions that restrict entry into the market. "We have incredible housing affordability conditions so it's upsetting to see so many consumers not have the opportunity to become successful buyers," said Mays.
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