Dallas-area home prices are up 7.8% from a year ago in the latest national comparison by CoreLogic.
That's slightly ahead of the nationwide increase of 7.2% between May 2017 and May of last year, CoreLogic reports.
Data from local real estate agents indicates that the median price of homes sold in the area is rising at a lower rate than CoreLogic's numbers.
In May, median pre-owned single-family home prices were just 5% higher year-over-year, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
CoreLogic is forecasting that nationwide home prices will rise at just over 5% in the next 12 months.
Higher mortgage rates may reduce the number of houses on the market.
"The lean supply of homes for sale is leading to higher sales prices and fewer days on market, and the supply shortage is more acute for entry-level homes," Frank Nothaft, chief economist for CoreLogic, said in a statement. "During the first quarter, we found that about 50% of all existing homeowners had a mortgage rate of 3.75% or less.
"May's mortgage rates averaged a seven-year high of 4.6%, with an increasing number of homeowners keeping the low-rate loans they currently have, rather than sell and buy another home that would carry a higher interest rate."
CoreLogic estimates that about 40% of major U.S. home markets — including Dallas- are overvalued.
The largest annual home price increases in May were in Las Vegas, up 12.4%, and San Francisco, up 11.4%.
Texas statewide median home prices were only 5.7% higher than in May 2017.
