Texas home sales grew by 0.9%

TEXAS – Total home sales in Texas increased bye 0.9% during the third quarter of 2021, the Texas A&M University Center for Real Estate Research reported.

According to the report, most of the quarterly increase can be attributed to accelerating activity in existing homes priced above US$300,000, which offset declines in new home sales and reduced transactions in the lower price ranges.

The University reported that the homeownership rate in Texas declined amid reduced home availability. Overall, demand remained healthy, but was hampered by inventory depletion, pushing annual median home price growth into double-digit territory.

On the other hand, it was specified that despite low inventory levels, supply indicators declined compared to year-ago measurements, as supply chain issues persist.

The report indicated that during September, home sales rebounded despite inventory constraints, lifting total transactions 0.9% quarter-over-quarter.

Texas A&M University reported that strong quarterly growth in the luxury sector and double-digit growth in homes priced between US$300.000 and US$499.000 offset lower activity in homes costing less than US$300.000.

In contrast to elevated quarterly sales in the existing home market, the data revealed a contraction in transactions in three of the state’s major metropolises in the new home sector.

Source: MEXICO-NOW Staff