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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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- ◦Economy
