There is great news for Texans, and especially Houstonians, in this second quarter of the year: the housing market is still strong and getting stronger. According to Texas Quarterly Housing Report, competition for homes has remained fierce throughout the state, not just in the Houston metro area. Approximately 80,000 single-family home were sold in Texas in the last quarter.
A strong real estate market is usually a sign of a strong economy, something all Americans are hungry for. However, high demand also means high prices, and the lack of inventory in Texas is partly to blame for price increases. As home prices have continued to rise, the number of available homes has continued to shrink with each quarterly report. However, Texas home buyers benefit from a revolving door of available properties – homes are flying off the market within days, or even hours, of listing. But the good news is that new inventory is coming up for sale on a consistent basis, keeping home prices in a manageable range and avoiding a spike in our cost of living.
Texas isn’t the only state seeing a real estate come back. Home prices around the country are rebounding in price about 10%. However, some economic experts think these increases are exactly that: a rebound. The Texas real estate market never cratered the way some markets did – like California, Arizona, or Florida – so our recent market strength indicates more than an “echo boom” in prices. Our recent price increases indicate more significant economic growth for our state.