North Texas home prices reached new heights in February

Intense competition for houses across North Texas led to another huge bump in sale prices last month.

The median sale price for local single-family homes sold by real estate agents reached a record $365,000 in February, up 21% from a year earlier, according to the latest data from the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems. It shot up $15,000 from January to February, a 4% increase.

The continued high demand for homes is still pushing inventory to record lows. Just 4,543 houses were on the market last month, down 32% from February 2021.

“The trend that we have seen here for several quarters has been the gradual depletion of listing inventory,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. “And so, as a result of the shortage of inventory, existing home prices have been pretty inflationary in Dallas-Fort Worth.”

The median asking price for a home in North Texas soared to $409,000 in February, a 14% year-over-year increase...

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