McKinney ‘house’ rush 2015

​​​​​McKINNEY – Median new home prices in North Texas are running about $285,000 — but sharp increases in land and construction costs in the DFW area are pushing new home costs above $300,000 in many neighborhoods.

The supply of finished new houses in the McKinney area is near a record low with only about 2,700 available for immediate move-in.

The shortage of both new and preowned homes is causing residential property costs to soar in North Texas — Dallas-area home prices were up 8.7 percent in July from 2014 levels, according to a new Standard & Poor’s/Case Shiller Home Price Index.

The land rush this week to buy houses in McKinney probably will not be repeated across the region, said Ted Wilson with housing analyst Residential Strategies Inc. The strategic location of the McKinney community and the price of the homes caused buyers to line up, he said.

Preowned homes in the Dallas area are selling in less than 40 days on average and at between 96 percent and 100 percent of asking price, data from real estate agents shows.