Texas squeeze: A series focusing on the high cost of rapid growth in North Texas.

With more homes on the market, prices around Frisco and Plano are becoming increasingly unaffordable.

According to the MetroTex Association of Realtors, the average selling price of homes listed for sale by real estate agents in Collin County, including condominiums and townhouses, reached $578,516 in May, up more than 32% from a year ago. This is the highest median price in the four major counties in North Texas, and also the largest percentage increase.

Excluding condominiums and townhouses, single-family home prices rose 32% to an average of $591,000, according to Texas A&M University’s Texas Real Estate Research Center figures. The median for Dallas-Fort Worth reached $438,000.

Home inventories in Dallas and Fort Worth are shrinking as more buyers are forced out of the market by rising prices and mortgage rates, and as more sellers put their homes up for sale to take advantage of the market waiting for cooling.

Collin County is “for the most part ahead of the rest of the Metroplex,” said Todd Luong, a Frisco real estate agent with Re/Max DFW Associates. here “.

Luong sees with his own eyes the consequences of the market cooling. A year ago, there were about 280 ads in his office, and now there are about 450 houses for sale. His ads, which were supposed to run two to four times a day, can now run every three days.

“It’s a big slowdown, but they’re still selling,” Luong said.

About one in five properties in Luong’s office had a price cut in the last month, which was almost unheard of last year or even a few months ago. He said that when demand was so high, even overpriced houses would sell.

Shana Aquisto, broker and co-owner of Acquisto Real Estate in Frisco and chair-elect of the Collin County Realtors Association, said she is also seeing more listings and fewer listings coming to the market for each home. This may be good news for buyers who held back after being discouraged by how difficult it was to find a home.

“I think we will see people who missed opportunities last year come in and compete to get the property,” Acquisto said.

More than 750 homes are planned near the future Texas Instruments plant in Sherman.

But an increase in the number of homes to buy hasn’t had much of an impact on overall home prices so far, and Acquisto said many people have been eliminated from the market. She encourages clients to look more into suburban towns such as Prosper, Selina, Melissa and Anna.

“You may have to go outside of the area you were originally looking for to find something affordable, but it still exists,” Akkisto said.

Victor Sotomayor, 28, and his wife Nicholl have looked at about 60 homes in the northern suburbs since last year but are now looking for a deal that fits their $2,000 monthly budget with a $13,000 down payment, 45 minutes drive east. Now he is looking for land to build a house in Greenville.

Even in Greenville, finding something on a budget was difficult. Sotomayor recently had to back out of buying a new $280,000 home because the monthly payments would have been $400 more than he could afford due to rising rates. Popular cities like Plano are excluded for honeymooners.

“[Buying a home in] Plano and McKinney, we can’t afford it,” Sotomayor said. “Middle class workers can’t afford it.”

A community of nearly 300 homes is being built far east of Dallas, but you can’t buy one

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