Home sales drop in Sherman-Denison area last year

The number of homes sold in Sherman and Denison went down just over two percent last year, according to the Texas Realtors Year in Review Report for 2018.

"We're right in the middle of the process. But it's been fabulous and super easy," said home buyer Lauren Towles.

Towles and her family close on their new home in Sherman next week.

She said they were surprised by the spike in prices.

"But ultimately we were okay with it. We were advised from the beginning that the housing prices were up," Towles said.

Last year, home prices went up 9.4 percent in the Sherman-Denison metropolitan area, making the median home price about $175,000.

Towles said their new home is above the average price, but worth it.

"It absolutely is what we were looking for," Towles said.

The annual Texas Real Estate Year in Review Report shows 1,961 homes were sold total in Sherman and Denison last year, about 50 less than in 2017.

Texas Real Estate Political Action Committee Chair Jonathan Hitchcock said one reason is increasing interest rates.

He said in 2018, rates averaged 4.54 percent, in comparison to an average 3.99 percent in 2017.

"Unfortunately that is just putting pressure on our market," Hitchcock said.

He said another factor was the political climate going into this year and the actual climate.

"The government shutdown, and also the weather. The weather was terrible at the end, so that forced a lot of builders to postpone," Hitchcock said.

But Hitchcock said they expect the market to pick up after spring break, and for more home buyers to make their move.

"With all the new industries coming into town, we do see new housing developments and inventory is picking up," said Greater Texoma Association of Realtors president-elect Evan Martin.

"There is still a tremendous amount of demand for our area," Hitchcock said.

"We're definitely looking forward to new beginnings and a fresh start somewhere new," Towles said.

Hitchcock said the school year plays a big role in the housing market with a lot of families choosing to move in the summer months.

Realtors said they're hopeful for growth in 2019.