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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