Texas home sales just keep growing
02/04/2015 | Author: Editorial Staff
As temperatures dropped at the end of 2014, Texas home sales spiked. In fact, the Texas housing market ended 2014 with one of the highest fourth-quarter single-family home sales volumes in history, according to the 2014-Q4 Texas Quarterly Housing Report.
Low interest rates coupled with decreasing inventory resulted in high demand for Texas homes during this period. “A dip in mortgage interest rates below 4% in the last half of 2014 created an ideal climate for this year-end surge in home sales growth,” says Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University. “However, fewer homes on the market and strong demand maintained rising home prices and shrinking months inventory.”
The report, released Feb. 2 by the Texas Association of REALTORS®, also explains that demand for Texas home in the last quarter of 2014 resulted in an all-time low of 3.3 months inventory statewide. The Real Estate Center considers 6.5 months inventory to be a balance between supply and demand.
Download the full report to see how your market performed at the end of 2014.
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