Texas single-family sales are expected to maintain “a rapid clip” this year, with an 8.4% projected increase,” said research economist Dr. Luis Torres with the Texas Real Estate Research Center at Texas A&M University.
“That assumes mortgage rates remain relatively low, and the economic reopening continues as vaccines are widely distributed,” he said. “Home sales would be even stronger if not for persistently low inventories.”
Total Texas housing sales stabilized in November following record-setting levels the previous month. Building permits and housing starts normalized after months of strong activity. On the other hand, average days on market fell to just 44 days.
Torres labeled the lack of housing inventory as “extreme,” and said the depleted inventory contributed to double-digit annual growth in the median home sales price.
“The shortage of homes priced less than $300,000 pushed buyers toward higher-priced homes,” he said.
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.
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