Home prices in the Dallas-area were up 11% in March from the same month last year, according to the latest data from CoreLogic.

In most years, a welcome home price increase in North Texas would be 4-5%.  But with the shortage of homes on the market here, prices are increasing at historically dramatic rates. That's likely to continue this year and into 2015, most analysts agree. Median sales prices for preowned single-family homes in North Texas are almost 30% higher than they were in 2011.

The jump in prices is good news for sellers and has made buyers dig a little deeper to get the homes they want.  The rapid price gains are also causing headaches for sellers, buyers, and their agents when the homes don't appraise for the contract price. Appraisals are a requirement of lenders who don't want to finance a property if they think you are overpaying.

But in a market where prices are rising as rapidly as they are in North Texas, there's no way in all cases for appraised values to keep with reality.

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