The Texas Association of Realtors recently released a quarterly report showing that year over year, 13% more single family homes were sold last quarter – and the median price was 7% higher. As of last quarter, the state-wide median home price stood at $161,400.
While we did have some excess of housing inventory last year (I know I was even struggling to personally sell my Cape Coral home), that inventory has now shrunk to an estimated 5.9 months’ worth of unsold homes. A balanced market is considered one consisting of a 6-month supply of homes, so a further reduction in housing inventory would put Texas in a seller’s market.
Homes are selling in all price points. Luxury home sales are on the rise in several metropolitan markets as increasing incomes drive the trend toward “moving up.”
Why is Texas doing so well?
We have jobs. In addition to smaller employers hiring more workers, 28 companies expanded or relocated to Texas in 2014, adding nearly 5,000 new jobs just in San Antonio, and more jobs are on the horizon.
The Toyota corporate campus, which is expected to bring 4,000 new jobs to North Texas, just broke ground. The Bureau of Labor Statistics expects Texas to lead the country in job growth. Predictions are that the next 5 years will see a 2.7% increase in Texas employment.
While the falling unemployment rate nation-wide is driven by people giving up the job hunt, the falling unemployment rate in Texas is driven by increasing employment. This is good news for the housing industry – and good news for the economy as a whole.
Texas also has lower taxes and lower housing costs.
Analysts predict an even greater influx of new residents from California, where the median home price is $440,000, taxes are high, and job growth is considerably slower than that of Texas.
Texas not only gains more new out-of-state residents than any other state, we also lead the pack in home sales to international buyers.
Mortgage rates remain attractive. In fact, they’re now at their lowest point in two years. So if you’re thinking of relocating to Texas, thinking of making the leap from tenant to homeowner, or thinking of moving up to a more luxurious home, call the Mike Clover Group today at 1-800-2232-7409 or apply on line at http://www.mikeclover.com.
We’d be glad to get you pre-approved and ready to begin the search for your Texas dream home.
18170 Dallas Parkway
Dallas, TX 75287