The Dallas-Fort Worth Metroplex saw median home prices shoot up by 7.2 percent in the fourth quarter of 2012, according to a new National Association of Realtors report, closing out a year of continued increases in home prices and sales in the region.
The national median existing single-family home price was $178,900 in the fourth quarter, up 10.0 percent from $162,600 in the fourth quarter of 2011, which is the strongest year-over-year price increase since the fourth quarter of 2005.
In the Metroplex, such increases in the real estate market have continued into 2013. In the second week of February.
For the fourth quarter of 2012 in Dallas County, the asking price vs. closing price was 96 percent, and the average days on the market was 60, both signs of a healthy market.
“Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” said Lawrence Yun, NAR chief economist. “Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates. Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.”
He said more housing construction is needed to relieve some of the pressure in the market and keep home prices from overheating.