The Dallas market continues to sizzle, with the median price for single-family homes increasing by about 8 percent in May compared to last year.
To paint a bigger picture, prices in North Texas have increased by about 40 percent since the 2009 economic recession, according to a new report from the Dallas Builders Association (DBA) and Meyers Research for the Dallas-Fort Worth-Arlington Metropolitan Statistical Area.
Earlier this year, Dallas overtook Houston as the leading new home market in the country, and it still keeps that spot. Overall, housing inventory was at a 2.3 months’ supply with certain areas, like Collin County, with even less.
The report says about 29,000 new homes are expected in the North Texas region by the end of 2016. This is due in part to one of the strongest employment markets in the country. But prices are still going up, with labor shortages and more regulation increasing prices as builders still struggle to keep up with demand.