Johnson County’s economic profile continues to improve according to the latest real estate reports that illustrate a double-digit percent increase in home sales compared to this time last year.
County real estate sales were up 20 percent between April and May with more than 160 homes selling, according to DFWTeamRealty.com and North Texas Real Estate Information Systems Inc.
Within the last five months, the county has seen a 17 percent increase in home sales, which experts attribute to the confidence residents have in the economy.
Johnson County’s unemployment is the lowest it has ever been since 2008, sitting at 6.2 percent. According to the U.S. Bureau of Labor Statistics, Johnson County has 69,430 employed residents, which is almost 1,600 more residents than last year this time.
Texas real estate has done well over the past few years due to two main themes, said Darren Hayunga, a finance and real estate professor at the University of Texas at Arlington.
He said real estate has thrived because of the state’s ability to maintain and increase employment and because the state’s real estate market did not become as overvalued as in many other states.
“Employment is the overwhelming factor affecting real estate markets and prices,” he said.
He said Texas performs well because of employment growth and relative ranking compared to other states.
With both prices and interest rates at historic lows, this is an ideal time to purchase for both new home owners and current home owners moving to larger homes, according to DFW Team Realty.
The real estate company expects the improvements to continue through the summer.
As the summer begins and school ends, more homes will be put on the market and more prospective buyer will be looking for homes, according to the North Texas Real Estate Information Systems.
Traditionally, the second and third quarters are the busiest in the real estate industry.
For the year to date, overall home sales were at 470 homes sold, an 11 percent change from last year.
The total dollar volume of homes sold this month was $21,154,560 which is a 44 percent change from this month last year. For the year to date, the total dollar sales were at $40,652,544, which is an 18 percent change.
Source: http://www.cleburnetimesreview.com/local/x1828359857/County-real-estate-sees-spike-in-sales
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