North Texas home prices surged by 12% in October – the largest year-over-year gain in more than three years.
And home costs were rising even faster in some parts of the Dallas-Fort Worth area.
Rockwall County saw a staggering 21% increase in median single-family home sales prices compared with October 2019.
Dallas County’s median home sales prices were up 17.4% from a year earlier, according to data from the MetroTex Association of Realtors.
The jump in housing costs in the Dallas-Fort Worth area comes as buyer demand rose and the supply of properties on the market fell.
Rockwall County had the biggest October sales increase – up more than 49% from a year earlier. And sales were 35.7% higher in Collin County.
There were sharp declines in home inventory across the D-FW area.
The number of homes listed for sale with real estate agents in Collin County fell by more than 51% from October 2019 levels. And inventories were down almost 49% in Rockwall County.
Tarrant County had the largest number of home purchases last month, with 2,664 houses sold by real estate agents – an increase of 13% from October 2019.
October was the fifth consecutive month North Texas saw double-digit percentage home price gains over the previous year.
Through the first nine months of 2020, a record 99,078 houses have changed hands through the real estate agents multiple listing service, 8% more than in the same period last year.