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Existing Home Sales Hits 8-Year Low in TX

Sales of existing homes in Texas last month fell to their lowest level since 2012 amid public health precautions and social distancing measures.

“The month of May marked the housing market’s deepest decline thus far during the ongoing COVID-19 pandemic,” said Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University. “Texas’ existing-home sales plummeted 32% year over year on top of a 22% slide in April.”

Nationally, single-family home sales fared better than condominiums and townhomes in May. Similar movements have been observed in Texas’ major metropolitan areas.

Real Estate Center research economist Dr. Luis Torres said May was likely the trough of housing activity, but the coronavirus’ impact on location preferences could be long-lasting. “We expect June data to reflect the initial relaxation of COVID-19 restrictions implemented in mid-March,” said Torres. “But a resurgence in contracted coronavirus cases and hospitalizations could reverse the recovery.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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