North Texas Median Home Prices Soar Above 200000 For First Time
North Texas Median Home Prices Soar Above 200000 For First Time
This spring’s scorching home market has propelled median house sales prices in North Texas above $200,000 for the first time.
In April, home sales prices in the area were up 14 percent to a record $207,000.
With the latest gains, the median price of preowned single-family homes sold by real estate agents in North Texas is almost 60 percent higher than it was in January 2010, at the worst of the recession.
And home prices in the area are now more than a third ahead of where they were at the previous peak of the housing market in 2007.
“The average home listing price has also jumped up for homes coming on the market,” said Ted Wilson, a housing analyst with Dallas-based Residential Strategies Inc. “More people are motivated to put their houses on the market at these higher prices.”
The number of sales of low- and moderately priced houses has fallen because of sharp demand — another factor in the median price rise.
“If you have anything that is moderately priced, there is a bidding war,” Wilson said.
He said the inflation in local homebuying costs is starting to be a concern.
“It all works right now because mortgage rates are so low and it helps with these price increases,” Wilson said. “I just hope that we see household incomes pick up, or we will have a big jolt down the road when interest rates go up.”
The Dallas area now leads the country in year-over-year home price increases, according to the latest national comparison from CoreLogic Inc.
In April, median prices were rising at about three times the long-term average annual growth rate.
Even with the huge price increases, preowned single-family home sales rose by 7 percent last month. And sales of condominiums and townhouses were 13 percent higher than in April 2013, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
On average, it took only 46 days to sell a home in North Texas. That’s the lowest average number days on market since these records have been kept.
The number of homes listed for sale with real estate agents was 15 percent lower than in April 2014, according to the Real Estate Center report.
“As long as inventory remains low and demand remains high, we are going to see these big price increases,” said David Brown, who heads the Dallas office of housing industry consultant Metrostudy Inc. “It is unsustainable long-term.
“More people might decide to stay in rental housing if we keep seeing the prices rise at this rate,” Brown said. “The affordable sector of the market is seeing prices rise even faster.”
Some of the Dallas area’s biggest year-over-year April price gains were in Irving (up 43 percent), southern Dallas (24 percent) and Oak Cliff (23 percent).
The highest median sales prices in April were in the Park Cities ($1,190,000) and North Dallas ($802,500).
In April, there was only a 2.3-month supply of single-family homes listed for sale with real estate agents in the more than two dozen counties included in the North Texas survey. A normal market is considered to have a 6-month inventory of houses.
April’s substantial increase in home sales prices in North Texas comes as some analysts are warning that residential values in Texas’ major markets are overheating.
A new report by Wall Street analysts Fitch Ratings said that Texas and Dallas-area home prices are 11 percent overvalued.
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Author:HGR LEADS Phone: 214-239-1889 Dated: June 23rd 2015 Views: 569 About HGR: ...
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