Dallas home prices surge on short supply

Unlike much of the nation, Dallas is seeing a warmer-than-average winter, and a very hot housing market. The median price of a Dallas home was 12.3 percent higher in December 2014 than it was a year earlier, according to the MetroTex Association of Realtors. That is more than twice the national annual price gains.

"Buyers are seeing sticker shock, but they're buying anyway," said Laura Barnett of RE/MAX DFW Associates.

Barnett said she listed a house a week ago at $399,900 and it has already sold for $416,000.

"We had five to seven offers. It's like that anywhere. Anything below $500,000 is going to go quickly," she said.

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Dallas Texas
Jeremy Woodhouse | Getty Images

Like much of the nation, Dallas has a severe shortage of inventory, which is driving prices higher. There were 26 percent fewer homes for sale in December 2014 than in the previous December. Closed sales were down 3.5 percent, but that is more a factor of limited supply than of demand.

Dallas is seeing a strong influx of residents, as large companies move workers into the area. Dallas is also seeing Mexican nationals moving in, Barnett said.

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While Texas has seen one of the strongest housing trades in the nation during the economic recovery, there are concerns that the falling price of oil will hurt the market. Dallas, however, may be less sensitive to that than Houston, as there are a lot of other dynamics in the Dallas-Fort Worth area.

The list of companies expanding into the area is long: Toyota, Novartis, Barclays Bank, CVE Technology Group, to name a few. While area real estate agents are certainly watching for energy-related layoffs, they are not seeing many yet.