February saw an increase in home sales over the previous month in the real estate market of Frisco and surrounding Collin County. According to the Collin County Association of Realtors (CCAR), based on data from the North Texas Real Estate Information Systems' Multiple Listing Service, Frisco's reported home sales increased 13.2 percent over January, which is on par with normal seasonal improvement.

The CCAR Pulse, which delves into the real estate markets of 36 communities in Collin, Dallas, Denton and Grayson Counties, reports that the average sales price of a home in Frisco was up 8.7 percent in February compared to the same time last year. However, the average time on the market for homes in Frisco increased from 100 days in January to 107 days in February.

"Collin County and surrounding areas have 5.6 months of housing inventory on hand, which means that our area has a balanced market relative to most other parts of the country," says Steve Haid, CCAR member services director. "Because the housing supply has a direct impact on sales prices, an oversupply of inventory (more than six months) has a negative impact on sales prices, while an undersupply of homes (less than five months) causes prices to escalate."

On the lending side, mortgage interest rates experienced a modest increase, but remained very attractive between six and seven percent for a 30 year fixed-rate mortgage.