By BRAD KELLAR
The local housing market continued to show strength last month, as sales prices rose sharply when compared to October 2011.
There may be a need to build new homes soon, as Hunt County’s available housing inventory continues to decrease, according to a report released by North Texas Real Estate Information Systems.
The agency provides information management services to more than 23,000 Multiple Listing Services subscribers, including more than 5,000 real estate offices in North Texas.
The average sales price for a new home in Hunt County last month was listed at $112,282, up 3.4 percent from the $108,621 average sales price 12 months earlier.
The median sales price during October was reported at $113,100, representing an increase of 23.3 percent from the $91,700 quoted last October.
For the year to date, the average sales price was up $13.2 percent, with the median sales price increased by 5.4 percent.
There was an inventory of 512 homes for sale in the county during October, representing a dip of 18.3 percent from the 627 homes available for sale one year earlier.
As of October, there was an estimated 8.4 months of inventory of homes for sale in the county, compared to 11.4 months of inventory available in October 2011.
The complete report is available at www.ntreis.net.