In news that likely won’t surprise anyone living in DFW, home prices throughout the Dallas area were once again on the rise in May, increasing by 7.1% according to the latest numbers from CoreLogic. With the spring season usually one of the busiest times of the year for the housing market, the increase certainly isn’t surprising for a variety of reasons, although the 7.1% jump is still higher than the reported nationwide increase in May of just 6.6%.
But even with the steady spike in home prices, home sales in DFW are also still on the upswing despite activity likely being slowed somewhat by a lack of inventory in just about every major housing category. As of the end to May, the median home price in the Dallas-Fort Worth region is already hovering around an all-time high of more than $250,000, and it’s hard to see that number not continuing to rise throughout the rest of 2017.
According to the same report from CoreLogic, median home sale prices in North Texas have already spiked by roughly 12% through the first five months of this year compared to that same timeframe in 2016, which ranks among the largest gain for any major market in the country. But as it relates to May, Dallas still didn’t see the biggest year-over-year jump in median home prices overall, as Denver home prices jumped 9.2% in May, and Las Vegas home prices 7.3%.