Record-breaking Real Estate

Dallas leads the pack as Texas home prices hit all-time high

Dallas leads the pack as Texas home prices hit all-time high

Valley Ridge house on AIA Dallas Tour of Homes 2014
Demand and prices are going up for homes in Dallas, says an annual quarterly report. Photo by Craig Kuhner

The Texas real estate market is still red-hot, according to the latest Texas Quarterly Housing Report. In fact, the report reveals that statewide home prices hit an all-time high in the second quarter of 2015, with Dallas-Fort Worth-Arlington scoring the biggest increase of them all.

In DFW, the median home price has increased 13.4 percent from the second quarter of 2014; Corpus Christi and Waco are each close behind, with 13.3 percent. Here, the average home price is now $220,000. with the majority (47.55 percent) of available inventory falling between $200,000 and $500,000. 

Throughout Texas in general, home prices have increased to $200,000, up 8.1 percent. A total of 88,906 homes were sold, a whopping 46.3 percent increase from the first quarter of 2015.

"This is the first time the median price for Texas homes has risen to $200,000 and an all-time high for Texas home prices," notes the Texas Association of Realtors. 

"The impact of lower oil prices continues to be delayed, leading to a surprisingly strong second quarter. In fact, Texas home sales are actually stronger than they were this time last year, when oil prices were nearly $100 a barrel," explained Scott Kesner, chairman of the Texas Association of Realtors.

"This is further evidence of the strong and enduring demand for Texas real estate."