DFW home prices on the rise
DALLAS-FORT WORTH – Real estate agents sold 9,197 preowned single-family homes in the region in May — the most ever in one month.
The median price of preowned homes sold by Realtors in North Texas rose in May to a record $180,000.
Prices of single-family homes in the multiple listing service were up 11 percent from May 2012, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
Along with the rise in prices, sales of preowned homes in North Texas were up 23 percent in May from 2012 levels.
On average, it took 54 days to sell a house using a real estate agent, the shortest time in almost a decade.
Low interest rates and rising home equity are allowing North Texas homeowners to trade up for more expensive houses, said David Brown, who heads the Dallas office of the housing analyst Metrostudy Inc.
Brown said he expects more price increases during the remaining months of 2013.
Housing economists — who have become concerned about the rate of price growth around the country — expect home value increases to moderate as more properties come on the market.
Plus, expected increases in mortgage rates would reduce the amount of home that buyers could afford.
| Single-family homes | Condos/townhomes | |||
| Resales | 9,197 | 23% | 614 | 54% |
| Median price | $180,000 | 11% | $170,000 | 21% |
| Average DOM | 54 | -23% | 65 | -34% |
| Pending sales | 7,945 | 14% | 505 | 32% |
| Listed for sale | 22,852 | -22% | 1,572 | -29% |
Sources: Real Estate Center at Texas A&M University; North Texas Real Estate Information Systems
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