As potentially the brightest sun in the current economic recovery, housing activity has followed the mercury higher this summer. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points. Also watch for sellers returning to an inviting marketplace, which will help replenish neighborhoods with new listings.New Listings in the North Texas region increased 6.8 percent to 12,593. Pending Sales were down 0.5 percent to 7,849. Inventory levels shrank 21.6 percent to 30,269 units. Prices followed the mercury higher. The Median Sales Price increased 12.1 percent to $185,000. Days on Market was down 24.4 percent to 52 days. Absorption rates improved as Months Supply of Inventory was down 32.9 percent to 4.0 months.The economy – which generates the jobs that fuel housing demand – continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 percent again but are not likely to reach 3.3 percent again.
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