Tyler area home sales in May jumped 6.64 percent from the same time last year.
There were 289 units sold last month, compared to 271 in May 2011, according to figures released Tuesday from the Greater Tyler Association of Realtors. The latest home sales were also a 14.23 percent hike from April, when 253 houses were sold in the area.
Sales data trends are indicating a strengthening market, local Realtors believe.
Median home sale prices for May were $137,500, the same amount as they were last year, and a 6.59 percent increase from April.
“It is no longer just the investors who are taking advantage of high affordability conditions,” he said in a prepared statement. “A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices.”
The number of days homes are staying on the market is decreasing, resulting in a tightening of inventory creating additional demand for the homes already on the market, Mary M. Smith, broker/associate at RE/MAX Tyler, said.
The Tyler area’s home inventory stood at 11.9 months in April, up from 11.6 months in March and 11.7 months in February, according to the latest figures from the Real Estate Center at Texas A&M University.
Yun said the “general downtrend” in listed and shadow inventory has shifted from a buyers’ market to one that is more balanced. But, he said, in some areas it has become a seller’s market.
Ms. Smith said home buyers should start their buying process by considering their mortgage options.
Smith County saw 10 foreclosures in April, down from 21 in March and 24 in February, according to the latest figures available from RealtyTrac.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional fixed-rate mortgage was 3.91 percent in April, down 3.95 percent from March and dipped to a record low of 3.79 percent in mid-May.