Texas housing market continued to break records in 2019

by Steve Randall28 Feb 2020

Last year was another good one for the Texas housing market with the state’s real estate agents selling 357,238.

That represented a 4% increase in 2019 compared to 2018, just short of the 4.4% annual increase of the previous year according to a new report from Texas Realtors.

"However, two of every three homes being sold are now more than $200,000, which puts homeownership out of reach for many Texans,” said Cindi Bulla, 2020 chairman of Texas Realtors. “This continued challenge is a top priority of Texas Realtors, as affordability needs to be addressed before it becomes a crisis."

The median price of homes in Texas in 2019 increased 3.2% year-over-year to $240,000.

“We saw the rates of increase for median price and sales volume normalize,” Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University. “The national housing market is predicted to be one of the strongest parts of the economy this year, and in Texas we're expecting another record-breaking year as home construction picks up and interest rates remain low."

Inventory remained tight with 3.1 months of supply.

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