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DFW Home Prices Up 9 Percent In Fourth Quarter Ahead Of US Gains
Nationwide, prices were up 6 percent from fourth quarter 2013.
The Realtors track home prices in 170 markets across the U.S.
“Home prices in metro areas throughout the country continue to show solid price growth, up 25 percent over the past three years on average,” Realtors economist Lawrence Yun said. “This is good news for current homeowners but remains a challenge for buyers who are seeing home prices continue to outpace their wages.
“Low interest rates helped preserve affordability last quarter, but it’ll take stronger income gains and more housing supply to help meet the pent-up demand for buying.”
The nationwide median sales price at the end of 2014 was $208,700, compared with $189,600 in the D-FW area.
There was a 4.9-month supply of homes listed for sale with Realtors in the U.S. in the fourth quarter. In the D-FW area, the inventory is about half that.
“Unless homebuilders significantly boost construction, housing supply shortages could develop and lead to further price acceleration this spring,” Yun said.
The largest fourth-quarter price increases in the country were in the Sherman-Denison area north of Dallas, up 21.1 percent from a year earlier, and Naples, Fla., up 17.7 percent. The greatest price declines were in South Bend, Ind., down 7.9 percent, and Hartford, Conn., down 6.8 percent.
Among major Texas cities, prices were 10.7 percent higher in Austin, rose 9.3 percent in Houston and were 8 percent higher in San Antonio.
North Texas home prices are continuing their sharp rise in the new year. In January, median preowned home sales prices were 12 percent higher than a year earlier.
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