Fort Worth home auctions revved up in the first months of this year, with certain units even sold off at staggering price discounts. However, the median sales price held up.
In February, the median price for homes in North Texas, where Fort Worth is located, increased by 1.3 percent to $139,900, according to reports from the Texas A&M University Real Estate Center.
An online real estate firm reported that the average price for homes in Fort Worth in the first week of March was $132,042, still close to the North Texas median. The price level in Fort Worth has endured despite the bargain prices of certain foreclosures at auctions because the percentage of foreclosed homes in Fort Worth has not overtaken the percentage of resale and new homes.
Total home sales, however, declined year-over-year in February across North Texas. A total of 4,099 homes were sold, marking the third consecutive month that home sales declined on a year-over-year basis. In 2009, home sales soared because of the record number of first time home buyers who took advantage of the federal tax credit and bargain prices at Fort Worth home auctions. Home sales peaked last year in July when 7,139 units were sold.
In another report prepared by Bizjournals and Portfolio.com, the cities of Fort Worth and Dallas were not in the top 200 of a listing of the wealthiest cities in the nation. Certainly, the relatively large number of pre foreclosures in Fort Worth and Dallas was an indication that these two cities were not as affluent as they are thought to be.
In the listing, which considered only cities with a population of more than 75,000, four cities in North Texas were in the top 100. They were Frisco, which ranked 27th; Plano, 42nd; Allen, 75th; and McKinney, which was 85th. Frisco stands tall with a $41,786 per-capita income and a $103,295 median family income. Plano runs with a $40,920 per-capita income and an $85,003 median family income.
Obviously affluent North Texas cities like Southlake were not included in the listing because their populations were below 75,000.
Dallas ranked 218th, with a $26,436 per-capita income and a $40,796 median family income. Fort Worth was 302nd, with a $23,208 per-capita income and a $48,870 median family income.
All in all, the city of Fort Worth is still economically strong enough to bear the brunt of Fort Worth home auctions.
Search home auctions in other USA Top Cities: