REAL ESTATE

Dallas-Fort Worth home price gains barely edged ahead of the nationwide increase in the third quarter.

D-FW prices rose 5.3 percent from a year ago while national median home prices were 4.8 percent higher than in third quarter 2017, according to the National Association of Realtors. And with a median price of $262,100 in the third quarter, D-FW home sales prices are still slightly below the $266,900 median price for the 178 U.S. cities included in the Realtors’ quarterly survey.

After several years of rising home costs, home prices are rising at a slower pace this year in many areas of the country. Still, higher mortgage rates and continued price hikes are holding back purchases by first-time buyers.

“A strong economy and consistent job growth should be driving up home sales; however, would-be homebuyers are struggling to find a home they can afford,” Realtors’ economist Lawrence Yun said in the latest report. “As mortgage rates continue to rise, reaching the decade’s highest rates this quarter, an increase in the supply of affordable homes has become even more important to help temper price growth across the country.”

Home prices rose in the third quarter year-over-year in more than 90 percent of the markets the Realtors surveyed.

The biggest increases were in Decatur, Ill. — up 19.1 percent from a year ago — and Boise, Idaho, up 18.3 percent. Prices were 14.8 percent higher than a year ago in Richland, Wash.

Prices were down from a year ago in about a dozen cities, including Trenton, N.J. (-5.5 percent) and Springfield, Ill. (-5.4 percent).

Among major Texas cities, Austin’s annual home price increase was 7.4 percent. Prices were 5 percent higher than a year ago in San Antonio and up 2.7 percent in Houston.

Home price increases in most of Texas’ big cities have slowed in 2018 after several years of steep appreciation. Statewide median home sales prices were 4.4 percent higher annually in the third quarter.

Sales in North Texas were flat through the first nine months of the year compared with 2017’s record preowned home buys.

Nationwide, home sales were down 2.4 percent in the third quarter compared to a year earlier, the Realtors said.

“Though inventory is more than adequate on the upperend market, the insufficient supply of low- to mid-priced homes in metro markets with strong job growth continues to drive up prices and push prospective buyers out of the market,” Yun said.

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“The insufficient supply of low- to midpriced homes in metro markets with strong job growth continues to drive up prices and push prospective buyers out of the market.” Lawrence Yun, National Association of Realtors’ economist