Sherman/Denison first in U.S. for recent home price growth

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GRAYSON COUNTY, TEXAS -- If you're in the market for a house in the Sherman, Denison area, you may have noticed something.

It's a sellers market with the price of houses increasing over 21% last year.

"We've had a few offers."

House flipper, Stacie Caraway isn't even done remodeling but already people are trying to buy her home.

"I had heard that there is obviously a shortage of homes and an abundance of buyers," she said. "So, we figured what better market to get into."

The National Association of Realtors agrees, they say the median price of houses in the area has increased by more than 20% since 2013. The largest increase of any metropolitan area in the United States.

Realtor, Dean Gilbert Sr., said one of the reasons for the increase could be foreclosures flooding the market.

"In 2013 in the 4th quarter we had a number of repo's that were transition, worked through the financial institution, resold into the market place," Gilbert said. "And this 4th quarter of 2014 we didn't have that scenario."

According to Real Estate Center at Texas A&M, the median price of a home was around 103,000 in 2013. It jumped to 125,000 by the end of 2014.

"I think we're at the beginning of some pretty major growth in Sherman and Denison," Gilbert said.

Another reason for the increase: a shortage of houses on the market.

"Well when we did our research when we bought this house I saw that the market was steadily increasing," Caraway said. "The values of the homes had gone up."

How long with the increase in home prices last? That's a question not even Gilbert whose been Realtor in the area for 37 years knows.

"Who knows if that will last the average of 7 years, or if it will last 10 years, or if it will last 20 years," he said.

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