North Texas Home Sales Soaring
FRISCO (CBS 11 NEWS) - North Texas is booming with building. Drive around and you see new houses in new neighborhoods all around the area.
Denton and Collin counties are seeing some of the most home sales. According to the Collin County Association of Realtors, Denton County is up 35-percent compared to this time last year. Collin County is up an estimated 30-percent.
The Park Place Estates subdivision in Frisco is a good example. Doreen McDonnell is just moving in.
"We are the last house on this street to be finished. But they're just building like crazy in this neighborhood," she said.
Jaqueline Johnson agrees. Hers was the first house in the neighborhood two years ago.
"I actually was taking a baked good to every home when we first got here. And, they quickly got ahead of me. I couldn't bake fast enough," she said with a laugh.
Realtors like Jeanie Douthitt of Private Label Realty say Collin County homes are flying off the shelves.
"You have to get there first. And that's what we're finding. Buyers. They have to get them the day they come on the market," she said.
One reason is because inventory is low. It's half of what it was this time last year and a third of what it was the year before that.
Another reason? "Interest rates are so low. They can buy more homes than they've ever been able to in the past. So, it's a great time to buy a home," Douthitt said.
And Collin County is popular.
"Because it's such a family oriented area," Jaqueline Johnson said.
"It has wonderful schools. We just really like it here," Doreen McDonnell said.
"It'll cost you a little more to get into a new home now. Realtors say the price has gone up. A home that cost $169,000 in 2012 costs $180,147 at this time. That's more than a $10,000 increase.
"It's called supply and demand. We have fewer homes on the market and the demand it there, Jeanie Douthitt said.
Realtors take it as the sign of a recovering economy.
And families aren't the only ones buying homes. Single women make up 20-percent of the market.
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