Largest Year Over Year Gaines

Steve Brown, Dallas Morning News Real Estate Editor reports that North Texas home prices have risen by 14% in May of 2015. This would represent the largest year-over-year gains ever for this area.

North Texas Real Estate Information Systems (NTREIS) and National surveys agree with Steve and report that according to data from the Real Estate Center at Texas A & M University and NTREIS and take it a step further, saying it is the largest one-month sales total ever for the North Texas region. Median home sales prices were also at a record $215,000 during May for preowned single-family homes sold by real estate agents, and total sales were up 6% from May 2014 with 9,484 properties sold.

Strong sales have created a buyers markets which as prices continue to spike will put more pressure on local markets for new homes to sell. Currently there is a 2.4 -month supply of homes in real estate multiple listing service, and this is less than half of what is considered a normal inventory.

National surveys show that the Dallas-Fort Worth area is seeing the largest annual home price gains in the country. Prices here are rising at about three times the long-term average rate of residential appreciation for the area.

North Texas home prices have shot up by more than 40 percent during the last five years thanks to record economic growth in the region and an historic shortage of properties to purchase. While some analysts are cautious of the possible overvalue, record numbers of strong sales still continue to drive the market up.

Sunny Days are ahead and Premier Agents are ready! Call us at 940-665-3300 to help you with your buying and selling needs here at Lake Kiowa.