Texas cities make the list of the country’s top home price gainers

Written by MLHA Team

May 12, 2021

Two Texas markets were among cities with the biggest home price jumps in the country in the first quarter.

Median home sales prices in Sherman-Denison were up 29.8% from the same three-month period a year ago, and Austin area prices were 28.2% higher year-over-year, according to a new report from the National Association of Realtors.

Dallas-Fort Worth home prices were 11.2% ahead of where they were in the first quarter of 2020, the Realtors association found in its survey of more than 180 U.S. home markets.

“Significant price increases throughout the country simply illustrate strong demand and record-low housing supply,” the association’s chief economist Lawrence Yun said in the report. “The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers.”

Home prices were up year-over-year in 99% of the U.S. metro areas tracked by the association. And home prices rose by double-digit percentage rates in 89% of markets.

Nationwide, the median existing-home sales price rose 16.2% from a year ago to a record $319,200. D-FW had a $300,000 median sales price.

The greatest year-over-year price gains were in Kingston, N.Y., (35.5%); Bridgeport-Stamford-Norwalk, Conn., (34.3%) and Atlantic City-Hammonton, N.J., (34%).

A shortage of homes for sale and low mortgage rates have fueled a home buying rush across the country.

“The sudden price appreciation is impacting affordability, especially among first-time homebuyers,” Yun said. “With low inventory already impacting the market, added skyrocketing costs have left many families facing the reality of being priced out entirely.”

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