The recent drop in oil prices caused many to worry that the booming housing market in Texas might take a hit – but that’s not happening. Instead, home prices in the state shot to an all-time high in the second quarter, according to the Texas Association of Realtors.
Median home prices in Texas spiked 8.1% year over year in the second quarter, rising to $200,000. The average home price rose 9% annually to $258,786. Sales were also up, increasing 46.3% from the first quarter and 4.7% year over year to 88,906, according to the TAR. The second quarter marks an all-time high for Texas home prices, with the median price hitting $200,000 for the first time ever.
“The impact of lower oil prices continues to be delayed, leading to a surprisingly strong second quarter. In fact, Texas home sales are actually stronger than they were this time last year, when oil prices were nearly $100 a barrel,” said Scott Kesner, TAR chairman. “This is further evidence of the strong and enduring demand for Texas real estate.”
It looks like not even declining oil prices can mess with Texas.