The Texas housing market continues to heat up as new data analysis from the state’s association of REALTORS® reveals the third quarter of 2013 saw historic highs in demand and prices.
However, the same data set also saw historic lows when it comes to housing inventory, which could be offset in the near future as new building permits go through and home builders put a renewed emphasis on replenishing the diminishing housing inventory.
“In the fall, Texas REALTORS® usually start to catch their breath as the summer selling season draws to a close, but not this year,” said Shad Bogany, chairman of the Texas Association of REALTORS®. “Demand for Texas homes remains strong and prices are increasing, keeping buyers and sellers in the market, and Texas REALTORS®, busy.”
Taking a closer look at the numbers we see that 80,105 single-family homes were sold in the Lone Star State in the third quarter this year, which is close to a 19 percent improvement over the same quarter last year and is the second straight quarter that saw the highest volume of homes sold in Texas since the association began reporting on this data in 2009.
“Sales volume in Texas had been increasing for some time, but the price increases have been constrained by foreclosures and other distressed sales,” added Jim Gaines, economist at the Real Estate Center at Texas A&M University. “Now, we’ve seen more than a year-and-a-half of price increases that outpace the average rate of appreciation in Texas, which is around 4.5 percent per year.”
In Stephenville, the housing market has also seen significant buying activity for the third quarter of 2013, as well as for the year as a whole. If you’d like to learn more about Stephenville real estate opportunities, contact our team of professionals today.