DALLAS-FORT WORTH - Along with the lack of a state income tax and the low cost of labor, affordable housing is usually on the chamber of commerce checklist for what makes North Texas a choice place for growth.
DFW is losing its edge in the bargain home market. The jump in North Texas home prices is due to the lowest housing inventory in almost 20 years and a growing local economy that’s bringing new homes and population to the area.
Big declines in home prices in many areas of the country and the strong economy here in Texas have reduced the spread between the U.S. and DFW housing values.
The latest home sales data puts DFW closer to the national average for home costs.
In June, the median price of single-family homes sold by real estate agents was a record $185,820. Nationwide median prices are at $208,000, according to the latest data from the National Association of Realtors.
“Relative to the rest of the nation, housing is still very affordable here,” said David Brown with housing analyst Metrostudy Inc. “A lot of other parts of the country became more affordable with the recent downturn.
With the huge home value losses many areas of the country have suffered, DFW has zoomed past prices in markets such as Atlanta ($115,100), Phoenix ($169,000) and even Chicago ($159,400).
Median home sales prices in North Texas are up by more than 10 percent in 2013.
The jump in new home prices is even more marked than in the pre-owned market. As of mid-2013, median prices of new homes for sale in the DFW area are at an all-time high of $246,669.
That’s up sharply from a new home median price of about $207,000 before the recession hit, according to data from Residential Strategies Inc.