Supply and Demand Drive Home Costs in North Texas
The Dallas Morning News has reported that DFW home prices have
risen more than 40 percent in the last four years. The median price of a new house sold in DFW
in 3QA 2016 rose to $336,381. Labor shortages have added more than $4,00 to
the price of a new house due to delays in construction, shortages of skilled
labor and higher costs for materials.
Prices for pre-owned homes in North Texas were up 12 percent in
September, the biggest yearover year gain in 2016. Among other statistics tracked by realtors,
it took less than 40 days on the market to sell a house. A chief economist with the Real Estate Center
said new listings enter the MLM as pending sales rather than active listings.
A recent report by the Urban Land Institute (ULI) ranked Dallas as the #1
real estate market in the U.S. in 2016.
