D-FW home prices top national median for first time in Realtors’ survey

Dallas_Median_Home_Price

Chart courtesy of the Dallas Morning News and the National Association of Realtors, Washington, D.C.

By Steve Brown and the Dallas Morning News

The Dallas-Fort Worth area had one of the biggest home price increases in the country in the first quarter.

D-FW median home sale prices were 12.6 percent higher than in 2016, according to the National Association of Realtors quarterly home price survey.

The Washington-based trade group looks at 178 U.S. metropolitan areas for its quarterly comparison of housing costs. Nationwide, median home prices were up 6.9 percent from a year ago to $232,100.

The D-FW area for the first time surpassed the rest of the nation with a $236,500 median home sales price.

“We’ve seen it coming — I think higher prices are here to stay,” said Ted Wilson, with Dallas-based housing analyst Residential Strategies Inc. “There are more and more people chasing fewer and fewer lower-priced properties.”

Wilson said that D-FW median home prices have risen by almost $100,000 in the last six years because of a shortage of properties and huge population gains in the area.

“We are getting big-city prices,” he said.

Texas economist Mark Dotzour said he’s been “seeing this coming since 2009.”

“The question now is just how high homes in Dallas can go before people can no longer afford the payment and the taxes,” Dotzour said. Read More >