Nationwide, D-FW Home Price Gains Grew in Third Quarter
U.S. prices rose 5.1% and were 3.4% higher in North Texas.
North Texas home price gains couldn’t keep up with the national average in the latest market-by-market comparison. Nationwide home prices were up 5.1% in the third quarter from a year ago, in a new report from the National Association of Realtors. Median prices of homes sold by real estate agents in Dallas-Fort Worth were up 3.4% in the same period.
Third-quarter home price increases were higher than they were at at midyear, according to the closely watched Realtors survey.
“Incremental price increases are to be expected, but the housing market has been seeing reacceleration in home prices as more buyers want to take on lower interest rates in the midst of insufficient supply,” Lawrence Yun, Realtors chief economist, said in the report. “Unfortunately, income and wages are not rising as fast and will make it difficult to buy once rates rise.”
Home prices were higher than a year ago in more than 90% of the 178 U.S. markets included in the survey. Nationwide median sales prices rose to a record $280,200. That’s higher than the $271,100 median price reported for the D-FW area.
The biggest third-quarter home price jumps were in Montgomery, Ala. (12.6%) Spokane-Spokane Valley, Wash. (12.6%) and Salt Lake City (12%). Prices fell in more than a dozen areas — mostly significantly in California. Prices dropped 4.6% in San Jose, 2.5% in San Francisco and 0.8% in San Diego. Looking at the major Texas metro areas, the greatest year-over-year price gains were in Austin (3.9%) and San Antonio (3.8%)...
