North Texas Median Home Prices Soar Above $200,000
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 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. 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.
- Dallas Morning News, May 8, 2015