Total Texas housing sales declined 4.1% in August from an all-time high the previous month as pent-up demand from the economic shutdown normalized, the Real Estate Center at Texas A&M reported this week. Nevertheless, sales were up 3.1% year to date compared with the first eight months of 2019.
The Real Estate Center said strong demand for housing supported permit issuance, which increased for the fourth straight month to record-breaking levels. Current inventory, though, extended a year-long fall, particularly at the bottom of the price spectrum.
That shortage in turn contributed to the shift in the distribution of sales toward higher-priced homes and pushed the median home price up 8.4% annually. However, the Real Estate Center’s Repeat Sales Home Price Index suggested more moderate home-price appreciation, while single-family housing sales in September are expected to recover fully from August’s backslide.
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).