NAR: Sherman-Denison home-price growth tops in U.S.

SHERMAN-DENISON – There are 175 different metropolitian areas tracked by the National Association of Realtors, and not one of them outperformed Sherman-Denison’s jump in home prices during fourth quarter 2014.

As a reflection of the area’s growth, Sherman-Denison was one of three locations added to the list of Metropolitan Statistical Areas which the National Association of Realtors includes in its quarterly reports. Of the 381 MSAs across the country, fewer than half enjoy that designation.

The median price of a home in the area leaped more than 21 percent during the final three months of the year, easily besting second and third place Naples, Fla., and Fond du Loc, Wis., with 17 and 16 percent growth, respectively.

The median price of a home in the area leaped more than 21 percent during the final three months of the year.

The data include only existing homes, and does not reflect new construction. Among those homes sold in the area during fourth quarter, the median price was $128,200.

Sherman Economic Development Corp. President Scott Connell said, "The increase in home prices was likely a permanent one, though he cautioned that future growth could be slower going forward."

According to additional data provided by North Texas Real Estate Information Systems Inc., October saw a price growth of 15.8 percent across 142 closings; November prices were up 32.3 percent in 92 sales; and the 118 homes sold in December were up in price, year-over-year, by 25 percent. These numbers include both new and existing homes.

”What happens on the jobs side is absolutely integral to what happens on the housing side,” said Denison Development Alliance President Tony Kaai.

The most expensive place to buy a home in Grayson County is Gunter, with a median sale price of $284,000 — up 67 percent over fourth quarter 2013.

The most affordable was in the 75021 zip code, which encompasses the rural area directly east of Denison. The median sale price in that area was $61,200 across 18 sales during the quarter, a drop of 56 percent.