Texas real estate market rides high in 2016
02/21/2017 | Author: Editorial Staff
The 2016 Texas Real Estate Year in Review Report released today by the Texas Association of REALTORS® shows that home sales volume and prices reached all-time highs for the second year in a row.
"Strong gains in end-of-year home sales activity were a key factor in making 2016 another record year for Texas real estate," said Vicki Fullerton, chairman of the Texas Association of REALTORS®. "Last year’s record home sales activity was fueled by the momentum of multiple years' strong job and population growth across the state, despite the fact that Texas job and economic growth began to slow in 2016."
The median Texas home price in 2016 was $210,000, up 7.7% from 2015. Home sales volume in the same period was up 4.6%, to 324,924 homes sold. Low housing inventory remained constant in 2016, with 3.3 months of inventory in December. A balanced market has between 6 and 6.5 months of inventory, according to the Real Estate Center at Texas A&M University. Texas homes spent an average of 58 days on the market in 2016—about the same as in 2015—and active listings increased 6% from 2015 to 2016.
"Rising home prices and skyrocketing property taxes are driving up the cost of homeownership at an alarming rate," Fullerton said. "Growth in property values makes homeownership a strong investment, but must be balanced by lower tax rates so that Texans are not being forced out of their homes. The Texas Association of REALTORS® urges state legislators to pass legislation that ensures an honest and transparent conversation occurs at the local level if more tax revenue is needed and gives property owners the right to decide when their tax rates should be raised.”
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