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.

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"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.

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