Plunging home inventories fuel huge price hikes across North Texas.
With home sales surging across North Texas, Dallas County leads the area in home price gains.
Median home sales prices in Dallas County were up more than 16% last month from a year earlier, according to a new report from the MetroTex Association of Realtors.
Home prices for all of North Texas were 10% higher than in September 2019, and median home prices for the area are at a near-record high of $291,000.
The highest home prices in the Dallas-Fort Worth area are in Collin County, where the median was at $364,220 last month.
Tarrant County, which has the lowest overall housing costs, led the area in total sales last month with more than 2,800 houses sold by real estate agents.
The largest year-over-year increase in home sales was in Denton County, where purchases were up 33.9%.
The inventory of houses on the market is down sharply this year in all North Texas counties.
The number of homes listed for sale with real estate agents is down by the greatest percentage in Rockwall, Kaufman and Collin counties, where inventories are down more than 45% year-over-year.
Home sales in the D-FW area have soared in recent months as record low mortgage rates brought out buyers despite the COVID-19 pandemic.
Local real estate agents sold more than 11,400 homes last month — a record for the month of September and 27% more than in the same month of 2019.