North Texas Surpasses Record For Average Price Of A Home, Report Shows
FORT WORTH (CBSDFW.COM) -- New data recently released by a RE/MAX national housing report says the Dallas-Fort Worth area has broken a record and surpassed the $350,000 dollar average price for a home.
Mark Wolfe of RE/MAX DFW Associates says this is the first time this has happened in North Texas.
The current average price is closer to $352,000.
Wolfe added, "They have really risen rapidly," about the price spike.
The report showed home sales are up nearly 24% from this same time last year, and the demand for homes is still huge.
That same data also says on average the price of homes have increased by nearly 12% in the same time period.
The unprecedented trend Wolfe says is mostly effecting young families and those looking to buy a home for the first time.
He said, "All price ranges are being effected but it's that moderate price range it's that first time home buyer price range that is really being effected in our marketplace."
While the prices aren't expected to go back down to what they were a year or more ago, experts like Wolfe say it will cool down.
They say the kind of skyrocketing inflation in home prices currently is unsustainable long term.
One thing he says won't slow down or cool off any time soon is one of the reasons why the prices are going up in the first place -- a dramatic influx of new Texans into the state, specifically the DFW area.
Wolfe added, "People are moving to Texas regardless of what happens to the economy people are coming here so we're going to have higher home prices."