Home sales up 2.14 percent in September

Published on Monday, 28 October 2013 22:43 - Written by FAITH HARPER fharper@tylerpaper.com

September Tyler–area home sales are up 2.14 percent from last year.

There were 287 homes sold here last month, while 281 units sold in September 2012, according to figures released by the Greater Tyler Association of Realtors.

Homes are selling at a higher price than in 2012, with the average homebuyer paying $178,047 compared to $172,529 in 2102.

“We are doing good,” said Pamela Walters, a Realtor with the Pamela Walters Group. “We are definitely on a strong comeback if we just continue to stay on the same path that we have been on for the last 7 months.”

The third quarter of this year also is better than last year with a total of 1,103 homes sold in July, August and September compared to 920 in the same time frame last year.

Ms. Walters said the most exciting information in the report is the number of homes on the market is down in the Tyler area to 2,917 compared to 2,953 this time last year.

“It’s a good time to put your house on the market with an inventory that is depleting at 23 percent …” Ms. Walters said. “It’s a good time to put your house on the market.”

Ed Thompson, a builder and developer with Ed Thompson construction and North Case Development, said he believes the increase in sales is based on interest rates.

“Interest rates are starting to creep back up, so I think what helped move a lot of homes was the interest rates being low.”

Thompson believes the rising interest rates caused people to make a move on buying or building a new home.

“The market it has cleansed itself …” he said. “Everyone was waiting on the sidelines, waiting on what the economy was going to do and now, I think, a lot of people got over the fear and figured the government is going to do what it’s going to do and they need to do what they need to do (for) what is better for their families.”

Thompson said it also is a good time to build a new home.

“Materials, in some cases, are lower because we hadn’t had the hurricanes, and gas product prices haven’t been through the roof,” he said. “That makes roofing and a lot of other products more reasonable. With interest rates so low it doesn’t get any better than (this). It’s a good time to build that dream home.”