Dallas Home Prices Jump 14% in May
North Texas home prices jumped by 14 percent in May – one of the largest year-over-year gains ever for the area. Median home sales prices hit a record $215,000 last month for preowned single-family homes sold by real estate agents. Home sales were up 6 percent from May 2014 with 9,484 properties sold. It was the largest one-month sales total ever for North Texas, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems. With the strong sales, the number of homes listed with real estate agents in the area dropped 15 percent from this same time in 2014. There was a 2.4-month supply of homes in real estate agents’ multiple listing service, less than half of what is considered a normal inventory. May’s strong home sales and price spike will put more pressure on the local housing market which is stretched with more buyers than sellers. National surveys show that the Dallas-Fort Worth area is seeing the largest annual home price gains in the country. Prices here are rising at about three times the long-term average rate of residential appreciation for the area.
- Dallas Morning News, June 9, 2015