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...