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DFW Home Prices Outpace Nation in First Quarter Report

Dallas-Fort Worth home prices grew faster than the nationwide rate in a new survey by the National Association of Realtors.

During the first quarter, D-FW home prices were up 9 percent from a year earlier, the Realtors said Monday. That’s slightly better than the 8.6 percent national home price gain.

In the survey of 170 U.S. home markets, the biggest price increases were in South Bend, Ind., up 26.8 percent, and Naples, Fla., up 26.6 percent. Thirty-seven cities had double-digit percentage price gains.

The greatest home price declines from first quarter 2013 were in Cumberland, W.V., down 18.6 percent, and Springfield, Ill., down 15.1 percent.

All of Texas’ big-city home markets had strong first quarter price gains. The largest was in the Houston area – up 12.8 percent from a year ago.

While tight housing markets in many parts of the country are driving prices, there’s been a slowing in the rate of home appreciation, according to Realtors’ chief economist Lawrence Yun.

“The cooling rate of price growth is needed to preserve favorable housing affordability conditions in the future, but we still need more new-home construction to fully alleviate the inventory shortages in much of the country,” Yun said in a statement. “Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast.”

North Texas median home sales prices are up about 7 percent so far this year, according to the latest data from real estate agents’ multiple listing service.

Sales in the D-FW area are slightly lower this year because of the short supply of houses for sal